FIRST HOME BUYERS

First Home Buyers Scheme

Take the guesswork out of buying your first home.

Here is exactly how to get your hands on the NSW Government First Home Buyers’ Grants and Concessions.

First Home Owners Grant (New Homes)

You can find links to this policy here.

  • If you buy a brand-new home (one contract) up to the value of $600,000, You’ll get $10,000.
  • If you are building a new home (house and land package) up to the value of $750,000 you’ll get $10,000.

First Home Buyer Assistance Scheme (Transfer/Stamp Duty)

You can find links to this policy here.

  • If your new or existing home (one contract) is valued below $650,000 you can apply for a full exemption – meaning you won’t have to pay any transfer (stamp) duty.
  • If your new or existing home (one contract) is valued between $650,000 and $800,000, you can apply for a concessional rate of transfer (stamp) duty.
  • If your purchase a split contract house and land package, you only need to assess transfer (stamp) duty on the land value of the transaction!
  • If the land value is less than $350,000, you won’t have to pay any transfer (stamp) duty.
  • If the land value is above $350,000 but less than $450,000, you can apply for a concessional rate of transfer (stamp) duty.

Are You Eligible?

To receive the Australian Governments’ grants and schemes check the eligibility requirements below.

Eligibility for the First Home Owners Grant (New Homes)

More information can be found here.

To receive the grant for your property:

  • You must be an individual, not a company or trust
  • You must be over 18
  • You, or at least one person you’re buying with, must be an Australian citizen or permanent resident.

You won’t be eligible for the First Home Owner Grant (New Homes) scheme if you or your spouse have previously:

  • Owned or co-owned a home in Australia
  • Received a first home owner grant in Australia.

However, you may still be eligible if:

  • You purchased a residential property after 1 July 2000 and
  • Didn’t live in it for more than six continuous months.

You or one of the other first home buyers must:

  • Move into the new home within 12 months after buying the property, and
  • Live there for at least six continuous months.

If you’re buying land and building a new home, you must move in within 12 months after construction is complete.

If you’re a member of the Australian Defence Force, you may be exempt from the six-month residence requirement, providing all buyers are on the NSW electoral roll. Contact us for more details.

If you’re buying a home, you can apply for the grant if:

  • This is the first time the house has been sold, and
  • The house has never been lived in before you move in, including by the builder or a tenant.

Eligibility for the First Home Buyer Assistance Scheme (Transfer/Stamp Duty)

More information can be found here.

To qualify for the FHBAS:

  • The contract date must be on or after 1 July 2017 and 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 received an exemption or concession under this scheme
  • At least one of the first home buyers must be an Australian citizen or permanent resident.

You or one of the other first home buyers must:

  • Move into the new home within 12 months after buying the property and
  • Live there for at least six continuous months.

If you’re a member of the Australian Defence Force when buying your first home, and those whom you are buying with are on the NSW electoral roll, you won’t have to meet these living requirements.

Information Valid as of March 2019.

The preceding information has been sourced from sources that Tempo Living believe to be reliable and accurate and is given in good faith. However, Tempo Living has not been able to verify all the information and the information may not be complete or accurate for individual circumstances. This information is of a general nature only. Tempo Living gives no warranty as to its correctness, accuracy or suitability for individual circumstances and any person using the information on this website is recommended to conduct their own investigations to verify the validity of any claims made herein. Tempo Living, its directors, staff, agents and representatives bear no responsibility to any company or person who relies upon the information contained in this website.