For first home buyer:

 

The First Home Buyers Assistance scheme

 

If you are a first home buyer in NSW, you may be eligible for a full exemption or a reduced rate of transfer duty under the First Home Buyers Assistance Scheme.

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From 1 July 2023, a full exemption from transfer duty will be available if you are buying a new or existing home valued up to $800,000, while homes valued over $800,000 and less than $1,000,000 may qualify for a concessional rate.

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If you are purchasing vacant land on which you intend to build a home, you may receive an exemption for land valued up to $350,000 and a concessional rate for land valued over $350,000 and less than $450,000.

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To be eligible for the First Home Buyers Assistance Scheme:

• the purchase must be for a new or existing home, or vacant land in NSW

• the property value must be within the threshold amounts

• the transfer must be for the whole property

• you must be an individual, (not a company or trust*)

• you must be over 18*

• you and your spouse or partner, must never have owned or co-owned residential property in Australia

• you and your spouse or partner, must never have previously received an exemption or concession under the scheme

• at least one of the first home buyers must be an Australian citizen or permanent resident

• for new or existing homes, you must meet the requirements for living in the property.

*This requirement may be waived upon application. Contact Revenue NSW for more information.

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For more details, please visit NSW Government Revenue website.

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The First Home Owner Grant (New Homes)

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A $10,000 First Home Owner Grant (FHOG) is available when you buy or build your first new home.

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Your first new home can be a house, townhouse, apartment, unit or similar that is newly built, purchased off the plan or substantially renovated.

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If you purchase a newly built house, townhouse, apartment, unit or similar the purchase price must not exceed $600,000.

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If you purchase vacant land and sign a building contract with a builder then we add the value of the vacant land plus the value of the comprehensive home building contract plus the cost of any building variations done together. The total combined cost must not exceed $750,000.

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If you purchase a home which was substantially renovated by the seller, the purchase price must not exceed $600,000.

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You may be eligible for the grant if:

• most of the home was removed or replaced

• the seller, builder or a tenant has not lived in the home prior to, during or after renovations

• it is the first time the home has been sold since completion of renovations.

 

This means the first sale of a property will not be a new home if the person who built it lived in it, leased it out or used it for short-term accommodation.

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The First Home Owner Grant may be paid in addition to other exemptions or concessions for eligible homebuyers.

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For more details, please visit NSW Government Revenue website.