first home owner grant

In the case of a contract for the purchase of a home, the market value is the greater of:

• the consideration for the eligible transaction; or
• the market value of the property on which the home is situated, as at the commencement date of the eligible transaction.

In the case of a contract to build, the market value is calculated by adding together:

• the consideration for the comprehensive home building contract, or if the Commissioner of State Taxation considers that the total consideration payable for the building work may be less than the actual costs to build the home; and
• the market value of the property on which the home is to be built, as at the time when the building contract is made*.

* if land is purchased within 12 months of the building contract being executed and is in relation to an arms length transaction, the consideration paid for the land may be used as the market value.

In the case of an owner builder, the market value is taken to be the market value of the property on which the home is situated at the time when the eligible transaction is completed (this generally means when the building is ready for occupation as a place of residence).

Stamp duty

The price which a willing but not anxious vendor could reasonably expect to obtain and a hypothetical willing but not anxious purchaser could reasonably expect to have to pay.