First Home Buyer Assistance Scheme
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 altogether under the First Home Buyers Assistance scheme (FHBAS).
Unlike the First Home Owner Grant, the FHBAS applies to
- buying an existing home
- buying a new home and
- vacant land on which you intend to build a home.
The NSW Government increased the transfer (stamp) duty thresholds for the purchase of new homes and vacant land from 1 August 2020 to 31 July 2021.
The tables below show the thresholds from 1 August 2020 to 31 July 2021 and the thresholds for agreements dated between 1 July 2017 to 31 July 2020 and continuing from 1 August 2021.
First Home Buyer Assistance Scheme: 1 July 2017 – 31 July 2020 and continuing from 1 August 2021
First Home Buyer Assistance Scheme: 1 August 2020 – 31 July 2021
What is the First Home Owner Grant?
How much can I spend?
If you purchase a newly built house, townhouse, apartment, unit or similar the purchase price must not exceed $600,000.
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.
If you purchase a home which was substantially renovated by the seller, the purchase price must not exceed $600,000.
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.
The First Home Owners Grant may be paid in addition to other exemptions or concessions for eligible homebuyers.