First home transfer duty concession rates

Top call centre questions

A husband and wife purchase a home to live in as their principal place of residence. The property is valued at $490,000. The husband has not owned residential land previously; however, his wife has owned numerous properties. Can the husband claim the first home concession?

Yes. The husband can claim the first home concession, and will need to complete a Form D2.1. As the home concession ceased on 1 August 2011, the wife will not be eligible for the concession.

I am buying a property with a home on it. On settlement, I will demolish the home and build a new one. Once the new home is built I will move into it. Am I entitled to the first home concession on the home I am buying?

No. As you will not be moving into the home that you are buying, you will not be entitled to the concession.

I bought vacant land and claimed the first home vacant land concession, but sold the land before I built my home. Can I claim the first home concession when I buy an established home?

No. You are no longer eligible as you have already claimed a first home vacant land concession.

Note: You will have to pay back the first home vacant land concession if you no longer meet the requirements. See section 154 of the Duties Act 2001.

Can I claim a concession on leasehold land?

In general, you cannot claim a concession if you are renting a property from a person who owns the land in freehold. However, you may be able to claim a concession if you:

• acquire a 'new right' that is a leasehold interest—for example, you are leasing or subleasing land that is owned by the State (not an individual or company) on a long-term basis
  
  and
  
  
• paid a premium, fine or other consideration for the right—this means that you pay a sum upfront, as though you were buying the property. This does not include weekly or periodic rent payments.

If the above circumstances apply, you can claim the concession on land that is:

• residential land on which a first home is constructed
  
  or
  
  
• vacant land on which a first home will be constructed.

A father (an existing home owner) and his son (a first home buyer) purchase a large property that has two homes on it. The father will live in one of the homes and his son will live in the other. Can the son claim a first home concession? If so, how is the transfer duty calculated?

Yes. Only the son is entitled to a concession. The concession is calculated under section 93(2) and (6) of the Duties Act 2001.