First home buyer grant and stamp duty assistance in NSW 2019


  • 29 Apr 2019
  • First Home Buyer

First home buyer grant and stamp duty assistance in NSW 2019

  • The first home owner grant (FHOG) in NSW

    The current FHOG, called the 'First Home Owner Grant (New Homes) Scheme' applies only to those buying new homes, and provides eligible purchasers with $10,000 to go towards purchasing or building a new home. This applies to anyone with an eligible transaction occurring after 1 January 2016.

    If the eligible transaction occurred between 1 October 2012 - 31 December 2015, then the grant amount is $15,000.

    To be eligible for the FHOG, the value of the home cannot exceed certain cap amounts:

    Transaction period Cap amount
    1 July, 2017 onwards
    $600,000 for purchase, $750,000 for construction
    1 October, 2012 - 30 June, 2017
    $750,000
    From 1 January, 2011 - 30 September, 2012
    $835,000
    From 1 January, 2010 - 31 December, 2010
    $750,000
    From 1 July, 2000 - 31 December, 2009
    No cap applicable

    (Source: The NSW State Office of Revenue)

  • First Home Buyers Assistance scheme

    The First Home Buyers Assistance Scheme commenced from 1 July 2017. The scheme offers eligible buyers exemptions or concessions on property transfer duty. This includes an exemption from stamp duty for homes valued up to $650,000 and concessions on duty for homes valued between $650,000 and $800,000.

    New homes

    The table below outlines the duty concessions available for new homes:

    Purchase Price First Home - New Home Duty
    $650,000
    $0
    $660,000
    $2,090
    $670,000
    $4,190
    $680,000
    $6,290
    $690,000
    $8,390
    $700,000
    $10,490
    $710,000
    $12,590
    $720,000
    $14,690
    $730,000
    $16,790
    $740,000
    $18,890
    $750,000
    $20,990
    $760,000
    $23,090
    $770,000
    $25,190
    $780,000
    $27,290
    $790,000
    $29,390
    $800,000
    No discount

    (Source: The NSW State Office of Revenue)

    Vacant land

    The First Home-New Home scheme also provides a duty exemption on vacant land valued up to $350,000 and concessions for vacant land valued between $350,000 and $450,000.

 

FOR MORE INFORMATION, ELIGIBILITY AND HOW TO APPLY PLEASE REFER TO THIS LINK

https://www.nsw.gov.au/improving-nsw/projects-and-initiatives/first-home-buyers/

https://www.revenue.nsw.gov.au/grants-schemes/first-home-buyer

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