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PTT - Threshold for First Time Home Buyers Increased!

Mixed bag for real estate

First-time homebuyers got some relief in the budget, with an increase to the threshold for property transfer tax relief for first-time buyers to $475,000.

The new threshold means first-time homebuyers will also get partial transfer tax relief up to $500,000.

De Jong acknowledged the thresholds were set at a time when property values were very different.

It is estimated 1,700 individuals will benefit, with possible savings of up to $7,500 per purchase.

Meanwhile, the threshold for the phase out of the Home Owner Grant is lowered to $1.1 million.

For properties valued above the threshold, the grant is reduced by $5 for every $1,000 of assessed value in excess of the threshold.

It is expected at least 93.8 per cent of homeowners will still be eligible for the grant, down from at least 95 per cent when the threshold was originally set.

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