The NSW First Home Buyers Assistance scheme provides eligible purchasers with exemptions on transfer stamp duty on new and existing homes valued up to $650,000 and concessions on stamp 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 person at least 18 years of age who has not, and whose spouse/de facto has not:
(a) at any time owned (either solely or with someone else) residential property in Australia other than property owned solely
as trustee or executor
(b) 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 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 per cent of the property.
The value limits and other eligibility criteria of First Home Buyers Assistance apply.
Transfer stamp 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%.
