As a first home owner in NSW, you may be eligible for a First Home Owners Grant of $10,000. When buying a house and land package, the total price (of the house and land combined), must be no more than $750,000. For other eligibility requirements, please contact us or visit the NSW Revenue website.
$10K First Home Owners Grant (New Homes) Scheme
First Home Buyers Assistance (Stamp Duty Exemption)
If you’re a first home buyer, you may be entitled to a concessional rate of transfer duty or even an exemption from paying it altogether under the First Home Buyers Assistance scheme (FHBAS).
Purchasing a House & Land Package
When purchasing a vacant parcel of land with the intention of building a new home, as a first home owner, you won’t pay any stamp duty on vacant land worth up to $350,000. Land valued between $350,000 to $450,000 will attract a reduced rate. See below as a guide:
Purchasing a Ready Built Home
Your Ready Built Home needs to be valued less than $650,000 for you to be entitled to a full exemption and have no stamp duty to pay.
If your Ready Built Home package is more than $650,000 and less than $800,000, you will receive a reduction in stamp duty. As a guide, here is a summary of stamp duty payable based on the new home price:
Note: Figures quoted are accurate as at March 2020 and are to be used as a guide only. Refer to your financial institution or conveyancer at the time of purchase for a calculation of duties payable.
Refer to the NSW Revenue Website for more information on eligibility requirements or contact us for further guidance.
First Home Loan Deposit Scheme
The First Home Loan Deposit Scheme is an Australian Government initiative to support eligible first home buyers purchase a home sooner, allowing for the purchase of a new home with as little as 5% deposit.
Here are the highlights of this Scheme:
- Limit of 10,000 schemes issued per financial year
- Offered through major banks and non-bank lenders
- In Sydney, the maximum value of the home is $700,000
- Apply and enquire via participating Lenders. Lender’s lending criteria apply.
For more information, visit www.nhfic.gov.au or speak with any participating lender.