First Home Buyers Entitlements

The New South Wales Government introduced a new State Budget from 1 July 2017, which included the First Home Buyers Assistance Scheme.

The new scheme means that first home buyers who purchase homes can obtain an exemption of stamp duty or a concession on their stamp duty depending on the purchase price for the property. The applicable purchase prices are:-

  1. For homes with a purchase price of up to $650,000.00 full exemption for stamp duty is available.
  2. For homes with a purchase price between $650,001.00 and $850,000.00 concessions on stamp duty will apply.

No changes were made to First Home Buyers purchasing vacant land.  The relevant prices include:-

  1. For land with a purchase price of up to $350,000.00 full exemption for stamp duty is available.
  2. For land with a purchase price between $350,001.00 and $450,000.00 concessions on stamp duty will apply.

The new Budget abolished the New Home Grant Scheme, as of 1 July 2017, which allowed investors to obtain a reduction of $5,000.00 on their Stamp Duty if they purchased vacant land, a newly built home or an off-the-plan purchase.

No changes were made in relation to the First Home Owner Grant.  The Grant still allows a first home owner to claim a $10,000.00 grant when purchasing a new home with a purchase price of up to $650,00.00 or alternatively purchase vacant land and enter into a building Contract or are an owner builder where the total costs of the Contract or both Contracts do not exceed $750,000.00.

If you are a looking to buy your First Home and you want to know about what you are entitled to, give our team at Adams & Partners Lawyers a call. 

Megan is a Licensed Conveyancer and a Director with Adams & Partners. She has worked with the firm since 1998. She is responsible for our Property and Conveyancing Team. Megan uses her expertise and knowledge to provide a better service to all clients who are either buying or selling real estate. Read more about Megan here.

About Megan Johnson

Megan is a Licensed Conveyancer and a Director with Adams & Partners. She has worked with the firm since 1998. She is responsible for our Property and Conveyancing Team. Megan uses her expertise and knowledge to provide a better service to all clients who are either buying or selling real estate. Read more about Megan here.