Higher Value Thresholds and Longer Residency Requirements for First Home Buyers
First Home Buyer Legislation Amendment Bill 2023
1st House
2nd House
Law
Links to official parliament websites
Effects of this bill
If this bill passes, it means that:
First home buyers must live in their home for 12 months instead of 6 to get duty exemptions or concessions.
First home buyers must live in their home for 12 months instead of 6 to get the First Home Owner Grant.
The maximum property value for first home buyer agreements to be eligible for assistance rises from $800,000 to $1,000,000.
The maximum property value for a full duty exemption rises from $650,000 to $800,000.
The formula used to calculate duty for approved applications is updated; the base value 'D' increases to $800,000.
Buyers can only choose to pay property tax instead of stamp duty if the transfer happened before 1 July 2023; this includes transfers based on agreements made before that date.