For first home buyer:
The First Home Buyers Assistance scheme commenced from 1 July 2017. It provides eligible purchasers with exemptions on transfer duty on new and existing homes valued up to $650,000 and concessions on 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 natural person (i.e. not a company or trust) at least 18 years of age who has not, and whose spouse/de facto has not:
at any time owned (either solely or with someone else) residential property in Australia other than property owned solely as trustee or executor
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).
The First Home Owner Grant (New Homes) scheme (the Scheme) was established to assist eligible first home owners to purchase a new home or build their home by offering a grant.
The grant amount is determined by the date of the eligible transaction. This is the date of the contract to purchase a new home or contract to build a home. For an owner builder, the eligible date is when the building work commences.
From 1 July 2017, the First Home Owner Grant Cap for new home purchases is $600,000; for a property where you enter into a contract to build, or are an owner builder the total value cannot exceed $750,000.
For eligible transactions made on or after 1 January 2016, the grant amount is $10,000.
For eligible transactions made between 1 October 2012 and 31 December 2015, the grant amount is $15,000.
For more details, please visit NSW Government Revenue website: