We understand that buying your first home can be stressful and full of unknowns. There is also a huge cost involved.
Did you know that if you are a first home buyer, you may be entitled to a government grant when purchasing your first home in NSW?
The First Home Buyers Assistance Scheme provides an exemption or concession for first home buyers from needing to pay transfer duty on new and existing homes and vacant land.
From 1 July 2023, transfer duty will not be payable by first home buyers on new and existing homes purchased for an amount up to $800,000.00. For purchases above $800,000.00 and up to $1,000,000.00, you may be eligible for a discount on the amount of transfer duty payable.
When buying vacant land, transfer duty will not be payable if your land is valued at less than $350,000.00. For land valued between $350,000.00 and $450,000.00, you may be eligible for a discount.
The exemption from paying transfer duty for first home buyers will only apply where:
- You are an individual over 18 years old;
- You and your spouse or partner must never have owned residential property in Australia before, or never have received an exemption or concession before;
- At least one buyer must be an Australia citizen or permanent resident;
- For new and existing homes, you must move into your new home within 12 months of settlement and, you must live in that property for a continuous period of 12 months.
The First Home Owner (New Homes) Grant is available to first home buyers who are buying or building their first new home. You may be entitled to a grant of $10,000.00, but only if:
- When purchasing a newly built home, the purchase price is no more than $600,000.00; or
- When purchasing vacant land and sign a building contract to build a new home, the purchase price is no more than $750,000.00; and
- One of the purchasers is an Australian citizen or permanent resident; and
- The purchaser must not have previously owned a home in Australia or received a government grant; and
- You must move into your new home within 12 months of settlement and live in that house for a continuous period of 12 months.
Our property and conveyancing team can assist you with all of your first home buyer enquiries, wherever you are located. We want to make sure that the purchase of your new home is as smooth and carefree as possible!
Call our experienced team today on (02) 6331 2911.
Daina Reid | Solicitor