Good News for Home Buyers

Our new Premier, Campbell Newman announced that Cabinet approved the reinstatement of the home concession from 1 July 2012. This had been abolished under the previous government.

With the reinstatement of the home concession, Contracts entered into on or after 1 July 2012 by home buyers will be eligible for the transfer duty home concession when purchasing a home if they meet the concession conditions.

The home does not need to be your first home and it can be new or used.

Where the concession applies, a concessional transfer duty rate of $1 for each $100 or part thereof will apply to the first $350,000 of the consideration. Duty at the general rate will apply to any remaining part of the purchase price

In order to qualify you must occupy the home as your principal place of residence within one year of the property being transferred to you. You may lose the concession if you sell or lease part or all of the home before moving in or within a year of moving in.

In order to access the concession you must apply for the concession by lodging with the Office of State Revenue the relevant transfer documents together with a completed concession claim form.

Important points to note are that the home concession applies only in relation to contracts and transfers entered into on or after 1 July 2012. The concession will not be able to be claimed where a contract replaces another contract entered into before 1 July 2012 or is made on the exercise of an option to purchase granted before that date or another arrangement is made with the sole or main purpose of deferring the making of the transfer or agreement for the purchase of the home until after 1 July 2012.