Important differences between the grant and first home concessions

If you have never owned a home in Australia before, you may be eligible for the first home owner grant.

Each person who owns a part of the home must be an applicant. This includes anyone who is or will be on the title of the property with you. If you have a spouse who will not own any part of the home, you must include them on the application as a non-applicant spouse. All applicants must meet the eligibility criteria.

You are eligible for the vacant land concession if ...

You are:

• at least 18 years of age
• not a company or a person acting as a trustee
• an Australian citizen or a permanent resident (or a joint applicant with someone who is an Australian citizen or permanent resident).

You and your spouse have:

• never been paid the first home owner grant
• before 1 July 2000, not owned residential property in Australia
• from 1 July 2000, not lived in residential property (in Australia) you have owned.

• have never held an interest in other residential land anywhere in the world
• have never received a transfer duty concession for first home vacant land
• are an individual—not a corporation or other legal entity
• are not the trustee of a discretionary or unit trust
• are at least 18 years of age (in special circumstances, the Commissioner may decide to waive this requirement).

 
This concession may be available if the transferee is a trustee of a trust (other than a discretionary or unit trust) and all the beneficiaries are individuals under a legal disability.

• you have entered into a contract to purchase vacant land on or after 1 January 2007
• the home to be constructed on the vacant land will be your first home
• there will be only one home constructed on the vacant land
• you are an individual—not a corporation or other legal entity
• you are not the trustee of a discretionary or unit trust
• you are at least 18 years of age (in special circumstances, the Commissioner may decide to waive this requirement)
• there was no building, or part of a building, on the land at the time of the acquisition
• you have not received a first home vacant land transfer duty concession before.

 
This concession may be available if the transferee is a trustee of a trust (other than a discretionary or unit trust) and all the beneficiaries are individuals under a legal disability.

•  1 year of either the completion date (for established homes) or the final inspection date (for newly constructed homes).

•  1 year of the transfer date.

•  2 years after the transfer date.

You must live in the property for a continuous period of 6 months.

You have 12 months from completion of the eligible transaction.

You have 5 years to apply for a refund if you haven't claimed a concession at the time of purchase.

You have 5 years to apply for a refund if you haven't claimed a concession at the time of purchase.

No. 

Exception: The vendor or vendor's existing tenant may remain in possession for a maximum period of 6 months after the transfer date.

• do not move into the home within one year of buying it
• do not live in the home for 6 months continuously as your principal place of residence.

• do not occupy the home as your principal residence within 1 year

or

• dispose of any part of the land or home (by transfer, lease or granting exclusive possession in another way) before occupying the residence or in the first year after you occupy your home.

• do not occupy the constructed residence as your principal residence within 2 years after the transfer date

or

• dispose of all or part of the land (by transfer, lease, or granting exclusive possession in another way) before occupying the constructed residence or in the first year after you occupy your home.

We may approve the grant in special circumstances if you:

• are under 18 years of age
• move into the home after one year
• live in the home for less than 6 months.
  

However, we must consider that there are good reasons for you to get the grant.

• You might not lose the concession if you are unable to occupy the home because of an intervening event such as a natural disaster, incapacity or death. You must apply to the Commissioner for a determination.

• You might not lose the concession if you are unable to occupy the home because of an intervening event such as a natural disaster, incapacity or death. You must apply to the Commissioner for a determination.