Taking the leap and buying your first home can be daunting and costly. To assist you, the NSW Government has introduced two schemes for first home buyers in NSW.
First home owners – stamp duty exemption
If you are a purchasing your first property, you may be entitled to a substantial reduction in the stamp duty payable on your purchase or be exempt from paying duty altogether.
To be eligible under this scheme:
- you must be an Australian citizen or permanent resident;
- over 18 years of age; and
- the property value is less than $800,000 for reduced duty or $650,000 for stamp duty exemption.
First home owner grant
If you are a first home owner and building a new home or purchasing a newly built or renovated home, you may also be eligible to receive a $10,000 grant under the First Home Owner Grant (New Homes) scheme in NSW.
To be eligible for this grant:
- you must be an Australian citizen or permanent resident;
- over 18 years of age; and
- be purchasing a newly built or substantially renovated home valued less than $600,000 or
- your planned building will have a total value less than $750,000.
What next?
For more information on the grants and how to apply, please contact us to guide you through this exciting time.
Further information is also available at:
https://www.revenue.nsw.gov.au/grants-schemes/first-home-buyer
Please note this blog is general in nature and for information purposes only and should not be relied on for legal advice. Should you require advice regarding the information in this email please contact us so we may provide advice specific to your needs and circumstances.
