Eligible purchaser buying a vacant block of residential land to build their home will pay no duty on vacant land valued up to $350,000, and will receive concessions for vacant land valued between $350,000 and $450, 000.
These rates apply from 1 July 2012.
What if my agreement is dated between 1 January and 1 July 2012?
Agreements for sale or transfers entered into between 1 January 2012 and 1 July 2012 the following applies:
- eligible purchasers will be exempt from duty on new homes valued up to $500,000 and will receive concessions for new homes valued between $500,000 and $600,000
- eligible purchaser buying a vacant block of residential land to build their home will pay no duty on vacant land valued up to $300,000, and will receive concessions for vacant land valued between $300,000 and $450,000.
Am I eligible?
To be eligible for the duty concession or exemption:
- at least one buyer must be an Australian citizen or permanent resident
- the agreement must be for the purchase of the whole property
- you must be a natural person (not a company or trust)
- you must be over 18
- you or your partner have not previously owned residential property in any form in any State or Territory of Australia
- at least one purchaser must occupy the home within 12 months and needs to live in the home for a continuous period of at least 6 months.
If your partner has previously owned a home or received a benefit from us under the First Home -New Home Scheme, you will not be entitled to receive a concession or exemption.
How can I apply?
Apply for the exemption or concession through your solicitor or conveyancer, or directly through us, by completing an First Home – New Home Exemption or Concession from Duty form (ODA 066) (PDF) .
Applications must be accompanied by all supporting documentation. You must have already exchanged contracts to purchase the new home.
*All information contained in this article originally from the New South Wales Government website