As a first home buyer in Australia, you may be eligible for stamp duty exemptions or concessions, which can significantly reduce the upfront costs of purchasing your first home.
While each state and territory has its own set of rules, here’s an overview of the common criteria and how they apply across Australia:
Property Value:
- Full exemption: Available for homes with a purchase price or dutiable value below a specific threshold (varies by state/territory).
- Concession: A sliding scale concession applies for homes that exceed the full exemption threshold but fall within a specified price range (varies by state/territory).
Eligibility criteria:
- First home buyer status: Both you and your spouse/partner must be first home buyers, meaning neither of you has previously owned residential property in Australia.
- Age requirement: Applicants must be at least 18 years old at the time of the property purchase.
- Residency requirement: At least one buyer must occupy the property as their principal place of residence (PPR) for a certain period (typically six months to 12 months) after settlement.
- Australian citizenship or permanent residency: At least one buyer must be an Australian citizen or permanent resident.
State/Territory-specific details:
- New South Wales: Exemption for homes valued up to $650,000. Concession applies for homes valued between $650,001 and $800,000.
- Victoria: Exemption for homes valued up to $600,000. Concession applies for homes valued between $600,001 and $750,000.
- Queensland: Exemption for homes valued up to $500,000. Concession applies for homes valued between $500,001 and $550,000.
- South Australia: Exemption for homes valued up to $400,000. Concession applies for homes valued between $400,001 and $500,000.
- Western Australia: Exemption for homes valued up to $430,000. Concession applies for homes valued between $430,001 and $530,000.
- Tasmania: Exemption for homes valued up to $500,000. Concession applies for homes valued between $500,001 and $600,000.
- Northern Territory: Exemption for homes valued up to $500,000. Concession applies for homes valued between $500,001 and $650,000.
Additional Considerations:
- Vacant Land Purchases: In most states and territories, exemptions or concessions also apply to vacant land if the land’s purchase price meets the specified thresholds, and the buyer plans to build their first home.
- Off-the-Plan Purchases: In many states, exemptions or concessions are available for off-the-plan properties, based on the final purchase price.
One-Time Benefit:
These benefits are available only once. If you or your partner have previously received a first home buyer duty exemption or concession, you are not eligible again.
For more detailed information and to check your eligibility, visit the relevant government website for your state or territory.
Need help navigating your stamp duty exemptions and concessions? Reach out to a UFinancial team member today to explore your home loan options and get expert guidance on your home-buying journey.
Disclaimer: The content of this article is general in nature and is presented for informative purposes. It is not intended to constitute tax or financial advice, whether general or personal nor is it intended to imply any recommendation or opinion about a financial product. It does not take into consideration your personal situation and may not be relevant to circumstances. Before taking any action, consider your own particular circumstances and seek professional advice. This content is protected by copyright laws and various other intellectual property laws. It is not to be modified, reproduced, or republished without prior written consent. Content developed in partnership with IFPA.
Subscribe to our newsletter to read about ‘All things finance’
At UFinancial, we love talking about finance-related matters. From home loans and refinancing to financial planning, investing, and tax.
