FIRST HOME BUYERS ASSISTANCE SCHEME
The First Home Buyers Assistance scheme is a NSW Government initiative which provides exemptions or concessions on Stamp Duty for eligible NSW first home buyers. This includes vacant land on which you intend to build your first home.
First home buyers can apply to receive:-
- Exemptions from stamp duty on new and existing homes up to $650,000
- Concessions on Stamp Duty for new and existing homes between $650,000 and $800,000
- Eligible purchasers buying a vacant block of residential land to build their home on will pay no Stamp Duty on vacant land valued up to $350,000, and will receive concessions on duty for vacant land valued between $350,000 and $450,000.
To qualify for First Home Buyers Assistance, you must meet the criteria listed below:
- The contract and the transfer must be for the purchase of the whole of the property.
- All purchasers must be ‘eligible purchasers’. An ‘eligible purchaser’ is a natural person (i.e. not a company or trust) at least 18 years of age who has not, and whose spouse/de facto has not:
- at any time owned (either solely or with someone else) residential property in Australia other than property owned solely as trustee or executor
- previously received an exemption or concession under First Home—New Home.
- At least 1 eligible purchaser must occupy the home as their principal place of residence for a continuous period of 6 months, commencing within 12 months of completion of the agreement. (Where an eligible purchaser was a member of the permanent forces of the Australian Defence Force and all purchasers were enrolled on the NSW electoral roll, as at the transaction date, then all purchasers are exempt from the residence requirement).
First Home Owners Grant (New Homes)
First home buyers building a new property may be entitled to a $10,000 grant on homes worth up to $750,000.
First home buyers purchasing a brand new property worth up to $600,000 may be entitled to a $10,000 grant.
The criteria to be eligible for the First Home Owner Grant are:-
- at least one buyer must be an Australian citizen or permanent resident
- the agreement must be for the purchase of the whole property
- you must be a natural person (not a company or trust)
- you must be over 18
- the home is a brand new home
- you or your partner have not previously owned property in any form in Australia
- at least one purchaser must occupy the home within 12 months and needs to live in the home for a continuous period of at least 6 months
- you have not previously received a First Home Owners Grant in any State or Territory.
If you would like to know more about these benefits, please contact Revenue NSW or our office.