You may be eligible if you are buying a home under $550,000.
You can get a concession from land transfer (stamp) duty if you:
- buy a property valued up to $550,000
- move in within 12 months of settlement
- use it as your principal place of residence (your home) for 12 straight months.
This concession is available to anyone, not just first home buyers. If you are a first home buyer, you pay no duty on homes up to $600,000.
If you buy the property with others, at least one of you must live in the property as your home.
As the purchaser, you apply for land transfer (stamp) duty savings. Your conveyancer usually helps with this during the property transfer. See how to apply for a principal place of residence duty concession.
If you claim a concession but do not move into the home within the required time or do not stay living there for at least 12 months, you must notify us.
Duty savings
To work out how much duty you may need to pay, you can use our:
You can also refer to land transfer (stamp) duty rates.
Calculating your saving
| Dutiable value | Standard rate | Concession rate | Saving |
|---|---|---|---|
| >$130,000 to $440,000 | $2,870 plus 6% of amount >$130,000 | $2,870 plus 5% of amount >$130,000 | 1% of amount >$130,000 |
| >$440,000 to $550,000 | $2,870 plus 6% of amount >$130,000 | $18,370 plus 6% of amount >$440,000 | $3,100 |
Example
Aaliyah and Luca buy an apartment for $400,000, which they will live in as their home.
Instead of paying $19,070 in land transfer duty, they will pay $16,370. This saves them $2,700.
Example
Amara buys a house for $550,000, which she will live in as her home.
Instead of paying $28,070 in duty, Amara will pay $24,970. This saves her $3,100.
Vacant land
This concession may apply if you have bought vacant land to build your home.
You can receive the principal place of residence concession if the value of the land is up to $550,000. We do not include the value of the building contract.
You must move in by the earlier of these dates:
- 12 months after you receive the occupancy certificate
- 36 months after settlement.
If you leave the land vacant, vacant residential land tax may apply.
Related parties
You can only get this concession if you have paid market value for the property. You cannot get this concession if you received the property at a heavy discount or as a gift.
For sales between related parties, we need evidence that you paid market value, including:
- proof you have paid the purchase price (e.g. bank statements, loan agreements and receipts)
- evidence of the market value of the property, such as a:
- letter of appraisal from a licensed real estate agent
- valuation by a certified practising valuer.
