Are you hoping to buy or build your 1st property?
First home buyers can still get grants when they meet certain criteria in N.S.W. It is an N.S.W. government initiative which provides exemptions or concessions on transfer duty for eligible NSW first home buyers. This includes vacant land on which you intend to build your first home.
The First Home Buyers Assistance scheme has Proof of Identity requirements, the details of which are contained in the Application and Lodgement Guide.
About the First Home Buyers Assistance Scheme
The First Home Buyers Assistance scheme provides eligible purchasers with exemptions on transfer duty on new and existing homes valued up to $650,000 and concessions on duty for new and existing homes valued between $650,000 and $800,000.
Eligible purchasers buying a vacant block of residential land to build their home on will pay no 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).
Calculating the concessions on duty
You can calculate the exact amount of your concession for new and existing homes, vacant land and shared equity arrangements using the First Home Buyers Assistance calculator.
Shared Equity Arrangements under First Home Buyers Assistance
First Home Buyers Assistance shared equity arrangements allow eligible purchasers to buy property with other parties and still receives a concession. To qualify, the eligible purchasers must buy at least 50 percent of the property. The value limits and other eligibility criteria for First Home Buyers Assistance apply.
Transfer duty is calculated with reference to the proportion of the property purchased by other parties. However, this interest is disregarded if it is not more than 5%.
You can calculate the exact amount of your concession using the First Home Buyers Assistance calculator. First Home Buyers Assistance calculator