First Home Buyer – What Are You Entitled To?

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First Home Buyer – What Are You Entitled to?

The First Home Buyer Assistance Scheme allows first home buyers to claim a stamp duty exemption or concession (reduced stamp duty) on their purchase of an existing home, new home or vacant land in which a home is to be built.

A first home buyer can apply for a stamp duty exemption for homes valued less than $650,000.00. For homes valued between $650,000.00 and $800,000.00, the first home buyer can apply for a stamp duty concession.

For vacant land, a first home buyer can apply for a stamp duty exemption for land valued less than $350,000.00. For land that is valued between $350,000.00 and $450,000.00, the first home buyer can apply for a stamp duty concession.

The NSW Government has also adopted the First Home Owner Grant. This allows for a first home buyer who is buying or building a new home to apply for a $10,000.00 grant. To be eligible for the grant, the purchase price of the new home must be less than $600,000.00. Purchasing land to build a new home, the total price of the land and home must not exceed $750,000.00.

If you need assistance determining your eligibility for stamp duty concessions and grants or need help with the conveyancing progress, please contact us on 02 6542 5566.

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This newsletter is intended to provide general information. You should obtain professional advice before you undertake any course of action.

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