Unfortunately, when purchasing a home, it’s not just the property price that you are paying. One of the more considerable fees that buyers come across is transfer duty (formally known as stamp duty), a one-off government tax on property purchases. The good news for first home buyers in NSW is that you may be eligible for a concessional rate or exemption under the First Home Buyers Assistance Scheme (FHBAS).
Unlike the First Home Owner Grant, the FHBAS applies to:
To be eligible for the FHBAS your property or land must fit within the following thresholds:
New homes |
Existing homes |
Vacant land |
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Source: NSW Gov, First Home Buyer Assistance Scheme
How much transfer duty do I owe?
If the property you intend to purchase is over the no-charge amount, check how much transfer duty is owed by using the NSW government calculator here.
Are there any other eligibility requirements?
The other eligibility requirements include requirements about you and how you intend to use the property.
For you to be eligible for the FHBAS:
Even if your partner or spouses’ name is not on the contract of sale, you might not be eligible if they have:
Therefore, if your partner or spouse has bought a home in their name and received benefits, you are no longer eligible.
Purchasing your first home doesn’t have to be a stressful experience. If you have experienced support around you, the process can run smoothly and without unforeseen fees. If you have any questions regarding purchasing your first home and the conveyancing process, contact the experienced team at Donovan Oates Hannaford.