As a first home owner with a family, you may be entitled to a duty exemption (pay no duty) or duty concession (pay a reduced amount of duty) when you buy a property.
The exemption is available if the dutiable value of that property is $150,000 or less. A concession is available if the dutiable value of your property is $200,000 or less. Alternatively, you may be entitled to the first home buyer duty exemption or concession.
Are you eligible?
To receive this exemption or concession, you must:
- buy the land or property for market value and intend to live in the home as your principal place of residence (PPR)
- have a dependent child at the date of either:
- the contract of sale, or within 11 months of that date if there was a home on the land when the contract of sale was entered into, or
- the building contract or the date on which building commenced, whichever is the earlier, or within 11 months of that date if there was no home on the land when the contract was entered into
- not have previously owned a home anywhere in Australia which was used as your PPR.
A dependent child is one under 18 who is in your care, custody and control and ordinarily lives with you.
If you bought the home with your spouse or partner, you must both be eligible.
If you believe you are eligible, please contact us on 13 21 61.
House and land values
If there was a home on the land at the time of the contract, the dutiable value is the purchase price or the market value, whichever is the greater, of the home and land.
Where there was no home on the land at the time of the contract and a home is built on the land before the transfer or within three years after the transfer, the relevant value is the total of the purchase price or the market value, whichever is the greater, of the land and the cost of building the home.
The family exemption or concession is only provided on completion of the home. If you have paid duty on the transfer, you will receive a refund if the home is constructed within the three-year period.
Note: If you are eligible for the family concession, you will automatically benefit from the duty concession for a PPR.
Can you also get the First Home Bonus?
The First Home Bonus is a payment available in addition to the First Home Owner Grant. It is only available in respect of your first home purchase and other eligibility criteria apply.
If your contract was entered into before 1 July 2012 and it was your first home purchase, the bonus may still be available to you. You cannot, however, receive both the bonus and this family exemption or concession. You must elect to receive one or the other.
Please contact us on 13 21 61 if you think you may be entitled to both the exemption or concession and the bonus.