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:
