Under "First Home Plus", people who are buying residential property for the first time will pay no stamp duty on the purchase if the purchase price is below $500,000 ($300,000 if buying vacant land) and will pay a discounted rate if the price is between $500,000 and $600,000 (between $300,000 and $450,000 for vacant land). There are no income or assets test, but there are restrictions on eligibility.