First Home (New Home) Concession
The First Home (New Home) Concession may be applicable to you if you are planning on purchasing a new home, or a substantially renovated home, which has not been previously occupied since it was built or renovated.
A home is considered a ‘substantially renovated home’ where the original structure has been removed, replaced or altered to the point that the property has structurally changed. An example might include a home that has been completely gutted, leaving only the original external and the interior has been re-built. Renovations that might be considered cosmetic, such as painting of walls, are not classified as ‘substantial renovations.
How do you know if you are eligible for the First Home (New Home) Concession?
The QRO provides the following eligibility criteria for the first home (new home) concession:
- You must be purchasing residential land and the Contract must have been entered on or after 1 May 2025.
- You must be paying market value for the property.
- You must provide the QRO with a vendor statement as evidence that the home is a new home or a substantially renovated home.
- You must intend on moving into the property as your primary residence within 1 year of settlement.
- You must be at least 18 years of age.
- You must be legally acquiring the property as an individual.
- You must have never claimed any other home concession in the past.
- You must have never held an interest in any property anywhere in Australia or overseas.
First Home Concession
The First Home Concession may be applicable if you are considering purchasing your first home, which is an existing home. An existing home is that of an established property that has previously been occupied.
The First Home Concession may provide up to $24,525.00 in transfer duty for purchases of residential property under the value of $800,000.000.
How do you know if you are eligible for the First Home Concession?
The QRO provides the following eligibility criteria for the First Home concession:
- You must be purchasing residential land with a maximum value of $800,000.00.
- If you are purchasing a property between $700,001.00 – $799,999.00, you must be paying market value for the property.
- You must intend on moving into the property as your primary residence within 1 year of settlement.
- You must be at least 18 years of age.
- You must be legally acquiring the property as an individual.
- You must have never claimed any other home concession in the past.
- You must have never held an interest in any property anywhere in Australia or overseas.
If you are thinking about purchasing your first home and are interested to know more about the First Home Concessions and any other Concessions that may be available to you, contact Spranklin McCartney Lawyers to chat with our friendly conveyancing team.
The blog published by Spranklin McCartney Lawyers is intended as general information only and is not legal advice on any subject matter. By viewing the blog posts, the reader understands there is no solicitor-client relationship between the reader and the blog publisher. The blog should not be used as a substitute for legal advice from a legal practitioner, and readers are urged to consult Spranklin McCartney Lawyers on any legal queries concerning a specific situation.
