Stamp Duty for First Home Buyers

If you are acquiring your first home, the amount of stamp duty you may need to pay will vary. Here, we explain the difference and eligibility requirements between the various duty exemptions, concessions and reductions.

FIRST HOME OWNER GRANT (FHOG)

The FHOG applies to the first purchase of a new, not established home, which has either been constructed by yourself or a builder.

You are eligible for the FHOG when you buy or build your first home and it is valued at less than $750,000. At least one owner must live in the property as their Principal Place of Residence (PPR) for at least 12 continuous months starting from within 12 months of the settlement date or the date of issue of a certificate of occupancy.

FIRST HOME BUYER DUTY EXEMPTION OR CONCESSION

The First Home Buyer Duty Exemption or Concession applies to new or established homes with Contracts entered into after 1 July 2017.

You are eligible for the receive stamp duty exemption if the dutiable value of the property does not exceed $600,000. However, for properties valued between $600,000 and $750,000, you will receive the stamp duty concession.

At least one owner must live in the property as their PPR for at least 12 continuous months starting from within 12 months of the settlement date.

PRINCIPAL PLACE OF RESIDENCE DUTY CONCESSION

The PPR Duty Concession applies to new or established homes with Contracts entered into after 1 July 2017 and does not have to be your first home. The dutiable value of the property must be between $130,000 and $550,000. This concession can be received more than once.

At least one owner must live in the property as their PPR for at least 12 continuous months starting from within 12 months of the settlement date.

For more information, contact our office on 9707 1155.