Transfer duty (previously known as Stamp duty) is a tax that is applied whenever property transfers ownership, e.g. when a property is purchased. Similarly to income tax, the amount you pay in stamp duty gradually increases and there are brackets used to determine the percent of the value you are taxed at.

For more information on transfer duty see the NSW Government website: Transfer duty | Revenue NSW

Thankfully first home buyers may get some reprieve from transfer duty by means of a concession.

Eligibility requirements

• Buying your first home in Australia.
• The value must be less than $1 million.
• You must also move into the property within 12 months from settlement and live there for at least 12 continuous months.

To qualify as a first home buyer, you must be:

• purchasing the first home you or your spouse have owned or co-owned in Australia*
• an Australian citizen or a permanent resident of Australia
• at least 18 years old*.

*Some exceptions may apply.

Read more about the requirements for the First Home Buyer Assistance Scheme.