State

Details

NSW

Eligible first home buyers do  not pay duty on homes priced up to $500,000 and vacant land up to $300,000. Concessions on duty are available on a sliding scale for homes priced between $500,000 and $600,000 and for vacant land priced between $300,000 and $450,000.

This scheme provides savings of up to $17,990 for first home buyers.

For more detailed information please visit www.osr.nsw.gov.au.

VIC

All Victorian first home buyers who qualify for the Government’s $7000 First Home Owner Grant (FHOG) will be eligible for an additional $5000 grant paid by the Victorian Government known as the First Home Bonus. This brings the total Government grants available to Victorian first home buyers to $12,000.

The First Home Bonus will be available for Victorian properties where the contract is entered into on or after 1 May 2004 and before 1 July 2005, and where the consideration paid under the contract is no more than $500,000.

During the period that the grant is available (ie. to 30 June 2005), the exemption from conveyance duty under the first home owner benefit scheme will be suspended. Eligible first home buyers who would have qualified under the first home owner benefits scheme will continue to be exempt from mortgage duty up to its abolition from 1 July 2004.

Concession card holders are eligible for a full exemption from stamp duty on properties valued up to $250,000 and a partial exemption on properties valued up to $350,000.

Holders of Pensioner Concession Cards, Health Care Cards and Department of Veterans Affairs Gold Cards are eligible for the exemption.

* Source www.sro.vic.gov.au

QLD

All owner occupied purchases in QLD receive a concessional rate of stamp duty for purchases up to $250,000. Further concessions are available to first home buyers who purchase a home for less than $500,000. For more details please visit www.osr.qld.gov.au

SA

No party to the application may have previously owned a home either in South Australia, Australia or elsewhere. The applicant(s) must make the property their principal place of residence within 12 months.

Properties with a purchase price or value of $80,000 or less will receive a full concession of Stamp Duty. The amount of the concession is reduced when the value of the property exceeds $80,000. No concession is available on properties with a purchase price or value in excess of $130,000.

To view a chart of the concession and duty payable for properties with a purchase price or value between $80,000 and $130,000.

For more details please visit http://www.revenuesa.sa.gov.au/stamps/fhc.html

WA

From 1st July 2004, first home buyers will get a full exemption from conveyance duty on homes up to $220,000. Those buying houses valued between $220,000 and $300,000 will receive a partial exemption. A full rebate also applies to the purchase of vacant land up to $100,000 and a partial rebate for vacant land up to $150,000.

For complete details please visit www.dtf.wa.gov.au.

NT

Must  be first property purchased in NT. Rebates are also available to non first home buyers who are purchasing a new principal place of residence.

No income threshold. No value restrictions.

Up to $80,000 = no duty payable

Over $80,000 = the standard duty payable less $2,095.

The duty free threshold of $80,000 is soon expected to rise to $125,000.

ACT

Must have combined income of no more than $100,000. Total income threshold of $100,000 increases by $3,330 per annum for each additional dependent child to a maximum of $116,650. Property must be owner-occupied and you are required to live in the property for at least 6 months.

A partial concession is given where the home's value is less than or equal to $375,000 and where the land value is less than $158,000. Stamp Duty is $20 up to a purchase price of $273,000 for existing homes and up to $107,000 free vacant land. For first homes valued from $273,000 to $375,000 stamp duty is charged at $13.36 for each $100 or part thereof in excess of $273,000. For vacant land the rate is $7.90 for each $100 or part thereof in excess of $107,000.

For full details please visit http://www.revenue.act.gov.au/home%20concessions.html

TAS

No exemptions but can apply for an interest free duty loan offered by the Commissioner of State Revenue which is to be repaid over 2 years. Must be first home owned anywhere and must be owner occupied. Value must not exceed $120,000. No income threshold.