Changes to the first home owner rate of duty thresholds

News story
Changes will be made to the value of homes able to receive the first home owner rate of duty.
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signing building contract

As part of the 2024-25 State Budget, the Government has announced:

  • an increase in the value of homes eligible to be assessed at the first home owner rate of duty and
  • a reduction in the duty payable under the first home owner rate.

The changes will benefit eligible first home buyers purchasing established homes.  As a result of these changes:

  • the unencumbered value of the home and land together must not exceed $600,000 (increased from $530,000)
  • no duty will be payable if the dutiable value does not exceed $450,000 (increased from $430,000) and
  • if the dutiable value is between $450,000 and $600,000, duty will be payable at a rate of $15.01 for every $100, or part of $100, by which it exceeds $450,000 (decreased from $19.19).

The new values and rate will apply to transactions entered into on or after 9 May 2024. The previous rates continue to apply to agreements entered into before 9 May 2024 even if settlement occurs after this date.

We will update our systems in June to reflect the new values and rate.

See the Minister's media statement: