First Home Buyer Assistance Scheme
You may be eligible for a full or partial exemption on transfer (stamp) duty if you purchase a new or existing home, or vacant land on which you intend to build a home.
To qualify for the FHBA, the following criteria applies:
- The contract must be dated on or after 1 July 2017;
- You must be an individual, not a company or a trust;
- You must be over 18 years of age;
- You, and your spouse or partner, must never have owned or co-owned residential property in Australia;
- You, and your spouse or partner, must never have received an exemption or concession under this scheme;
- At least one of the purchasers must be an Australian Citizen or Permanent Resident;
- At least one of the purchasers must occupy the home within 12 months and needs to live there for a continuous period of 6 months;
- If the property purchased is a dwelling with a value less than $650,000, a full exemption to transfer duty will be available;
- If the property purchase is a dwelling with a value between $650,000 and $800,000, you will be entitled to a concessional rate of transfer duty;
- If the property purchase is vacant land with a value less than $350,000, a full exemption to transfer duty will be available;
- If the property purchase is vacant land with a value between $350,000 and $450,000, you will be entitled to a concessional rate of transfer duty;
Our team will advise you on your eligibility for the above exemptions and will organise the completion and lodgement of all relevant paperwork necessary for the above exemptions or concessions on your behalf.
Visit the Office of State Revenue here for more information.
First Home Owner’s Grant (New Homes) Scheme
The NSW Government is currently offering first homebuyers a monetary grant of $10,000 if they are building a new home.
Our team can advise you on your eligibility for the grant. The Grant is usually applied for through your financial institution or broker.
Visit the Office of State Revenue here for more information.