First Home Plus One
From 1 May 2007, First Home Plus One allows eligible purchasers to buy property with other parties and still receive a concession. To qualify the eligible purchasers must buy at least 50 per cent of the property. The value limits and purchasers eligibility criteria of First Home Plus apply.
Transfer duty is calculated with reference to the proportion of the property purchased by other parties. However, this interest is disregarded if it is not more than five per cent.
Full mortgage duty concessions and exemptions apply to mortgages given to assist the purchase of property under First Home Plus One.
From 1 September 2007 an advance made to natural persons for the purpose of buying or building their home, or buying vacant residential land, is not liable to duty. This applies irrespective of the amount of the advance.
Note: if the first home buyer's spouse has previously owned a home or received a benefit under First Home Plus, the first home buyer will not be entitled to First Home Plus One, regardless of whether or not the spouse is also a purchaser.
