First Home Buyers
Each state has their own First Home Owners Grants/Schemes in place and we will provide information regarding NSW.
Every scheme has eligibility criteria that needs to be met.First Home Buyers Assistance Scheme
- buying an existing home
- buying a new home and
- buying vacant land on which you intend to build a home.
- Your home is valued at less than $650,000, you can apply for a full exemption so you dont pay any transfer duty
- The value of your home is between $650,000 and $800,000, you can apply for a concessional rate of transfer duty.
- You won’t pay any transfer duty if your land is valued at less than $350,000
- For land valued between $350,000 and $450,000, you’ll receive a concessional rate.
- contract to buy a new home
- building contract by the owner of the land
- owner of the land building their own home
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 all together under the First Home Buyers Assistance scheme.
This applies to: –
As a First Home Buyer, you may be eligible for transfer duty concession or exemption if:
The First Home Buyers Assistance Scheme applies to vacant land on which you plan to build your home.
If you’re a first home buyer and you’re buying or building a new home, you may qualify for a $10,000 grant under the First Home Owner’s Grant (New Homes) scheme.
The grant is available for: –
To qualify, the purchase price of your new home must be no more than $600,000.
If you’re buying land to build a new home, the total price including the land and home must be no more than $750,000.