First Home Buyer Assistance Scheme
Full or partial exemption on transfer duty (stamp duty) when buying your first home under the nominated threshold.
Requirements
1. Australian citizen or permanent resident of Australia
2. At least 18 years old
3. Buying your first home
This can be an established or new home and also includes land.
If buying with another person generally, both must be first home buyers, but there are exemptions so seek advice.
4. Value is no more than the current threshold currently at:
NEW HOMES | Pre 1 August-Threshold | Current Threshold |
Exempt | Up to $650,0000 | Increased to $800,000 |
Concessions | Up to $800,000 | Increased to 1 million |
ESTABLISHED HOMES | ||
Exempt | Up to $650,000 | Unchanged |
Concessions | Up to $800,000 | Unchanged |
VACANT LAND | ||
Exempt | Up to $350,000 | $400,000 |
Concessions | Between $400,000 and $500,000 |
5. You must live in the property within 12 months and live there for at least six continuous months.
Is there a penalty if I don’t live in the property?
Yes, you must reside in the property was at least six continuous months within the first 12 months of purchasing the property.
There are substantial penalties for providing false and misleading information when applying to Revenue NSW these can include criminal charges.
How do I apply
Through your conveyancer and/or solicitor when your purchasing the home.
First Home Buyer Assistance Application Form
First Home Buyer Grant
The current scheme offers first home buyers a $10,000 grant towards their new home. The scheme only applies to new builds or extensively renovated homes.
This grant is in addition to the First home Buyers assistance scheme providing exemptions and concessions on stamp/transfer duties.
Availability of first home buyer grant
- Contract to buy a new home
- Building contract by the owner of the land
- Owner of the land building their own home
- Purchase price of your new home must be no more than $600,000 ($750,000 if purchasing land as well).
Eligibility
- Australian citizen or permanent resident of Australia
- At least 18 years old
- Buying your first homeThis must be a new home.If buying with another person generally, both must be first home buyers, but there are exemptions so seek advice.
- Purchase price of your new home must be no more than $600,000 ($750,000 if purchasing land as well)
- You must live in the property within 12 months and live there for at least six continuous months.
What is considered a new home?
It is the first time that the home has been sold and the house has never been lived in before you move in, this includes by the builder or a tenant.
In the case of a recently renovated home most or all of the house was removed and/or replaced, and it is the first time that the home has been sold after the renovations. It also can not have been lived in, this includes by the builder or a tenant.
How do I apply
You apply for the first home owner grant through your bank or financial institution when arranging finance.
Is there a penalty if I don’t live in the property?
Yes, you must reside in the property was at least six continuous months within the first 12 months of purchasing the property.
There are substantial penalties for providing false and misleading information when applying to Revenue NSW these can include criminal charges.
Application form and lodgement for New Homes First Home Owner (grant) New Homes Scheme.
What is stamp duty?
Stamp or transfer duty is a tax in NSW when you buy a:
- Purchase property
- Investment property
- Vacant land or a farming property
- Commercial or industrial properties
- A business which includes land
When does transfer duty need to be paid?
You must pay transfer duty within three months of singing a contract for sale or transfer, except in the case of off-the-plan purchases.
If you buy off-the-plan and you intend to live in the property you may be able to defer this tax for up to 12 months.
You will need to seek legal advice to ensure you understand your obligations in regards to transfer duties.
Calculate potential stamp duty (Revenue NSW Website Site)