This means the first sale of a property will not be a new home if the person who built it lived in it, leased it out or used it for short-term accommodation. If you purchase a home which was substantially renovated by the seller, the purchase price must not exceed $600,000. The total combined cost must not exceed $750,000. If you purchase vacant land and sign a building contract with a builder then we add the value of the vacant land plus the value of the comprehensive home building contract plus the cost of any building variations done together.
If you purchase a newly built house, townhouse, apartment, unit or similar the purchase price must not exceed $600,000.