From today NSW first home buyers who meet the criteria may be eligible for exemptions or concessions on transfer duty on the purchase of property and it may also include vacant residential land that you intend on building your first home.
The scheme provides eligible purchasers with exemptions on the transfer duty on new and existing homes valued up to $650,000 and concessions on duty for new and existing homes valued between $650,000 and $800,000.
Eligible purchasers buying a vacant block of residential land to build their home on will pay no duty on vacant land valued up to $350,000, and will receive concessions on duty for vacant land valued between $350,000 and $450,000.
However, purchasers must meet the following criteria to be eligible,
- The contract and the transfer must be for the purchase of the whole of the property.
- All purchasers must be ‘eligible purchasers’.
- An ‘eligible purchaser’ is a natural person (i.e. not a company or trust) at least 18 years of age who has not, and whose spouse/de facto has not:
- at any time owned (either solely or with someone else) residential property in Australia other than property owned solely as trustee or executor
- previously received an exemption or concession under First Home—New Home.
- At least 1 eligible purchaser must occupy the home as their principal place of residence for a continuous period of 6 months, commencing within 12 months of completion of the agreement. (Where an eligible purchaser was a member of the permanent forces of the Australian Defence Force and all purchasers were enrolled on the NSW electoral roll, as at the transaction date, then all purchasers are exempt from the residence requirement).
For further information on the scheme and how to apply, please visit the NSW Office for State Revenue website www.osr.nsw.gov.au.