This Scheme replaces the First Home Plus scheme from 1 January 2012. This applies to the purchase of new homes or vacant land on which the purchaser intends to build a new home. From 1 July, 2012, to be eligible for the full exemption from duty, the dutiable value of the property must be less than:
- $550,000.00 if the property is a private dwelling; or
- $350,000 if the property is a vacant block of residential land.
Concessions will apply where the dutiable value of the private dwelling is more than $550,000 but less than $650,000 and for vacant land where the dutiable value of the residential land is more than $350,000 but less than $450,000.00.
A “New Home” is defined to mean a home that has not been previously occupied or sold as a place of residence.