FINANCIAL
CONSULTING

New homes

• Buy a new home valued at less than $650,000, apply for a full exemption, and pay no transfer duty.

• Buy a new home valued between $650,000 and $800,000, and apply for a concessional transfer duty rate. The amount will be based on the value of your home.

​

Existing homes

• Buy an existing home valued at less than $650,000, apply for a full exemption and pay no transfer duty.

• Buy an existing home valued between $650,000 and $800,000, apply for a concessional transfer duty rate. The amount will be based on the value of   your home.

​

Vacant land

• You won’t pay transfer duty if your land is valued at less than $350,000.

• For land valued between   $350,000 and $450,000, you’ll receive a concessional rate.

​

A $10,000 First Home Owner Grant (FHOG) is available when you buy or build your first new home.

Your first new home can be a house, townhouse, apartment, unit or similar that is newly built, purchased off the plan or substantially renovated.

​

If you purchase a newly built house, townhouse, apartment, unit or similar the purchase price must not exceed $600,000.

​

If you purchase vacant land and sign a building contract with a builder then we add the value of the vacant land plus the value of the comprehensive home building contract plus the cost of any building variations done together. The total combined cost must not exceed $750,000.   

If you purchase a home which was substantially renovated by the seller, the purchase price must not exceed $600,000.

You may be eligible for the grant if:

• most of the home was removed or replaced

• the seller, builder or a tenant has not lived in the home prior to, during or after renovations

• it is the first time the home has been sold since completion of renovations.

If you are eligible, you can choose between: (a) paying the usual amount of stamp duty based on the ‘dutiable value’ of your property; or (b) paying an annual property tax based on the land value of the property.

Existing first home buyer stamp duty exemptions and concessions are not changing. The exemptions and concessions are described here. There are no first home buyer stamp duty concessions for properties worth more than $800,000.

If the first home buyer is not eligible for a stamp duty exemption or concession, the normal rates of stamp duty apply. These can be calculated herelaunch.

The annual property tax payments will be based on the land value of the purchased property. The property tax rates for 2022-23 and 2023-24 will be:

• $400 plus 0.3 per cent of land value for properties whose owners live in them

• $1,500 plus 1.1 per cent of land value for investment properties.

These tax rates will be indexed each year from 2024-25, so that the average indexed property tax payment rises in line with average annual incomes. In addition, the year-to-year growth of individual property tax payments are capped at a maximum of 4 per cent.

Property tax assessments will be issued in respect of financial years. For properties that are owned for less than a full financial year, a pro rata adjustment will be made based on the number of days in the year the property is owned.