Are you a first home buyer looking to purchase property in New South Wales? You may be eligible for stamp duty exemptions or concessions, potentially saving you thousands of dollars.
Revenue NSW currently offers two key schemes that can assist eligible buyers:
1. First Home Buyers Assistance Scheme (FHBAS)
Under the First Home Buyers Assistance Scheme, eligible buyers may receive a full or partial exemption from stamp duty when purchasing a new or existing home.
Key thresholds from 1 July 2023:
- Full exemption: For homes valued up to $800,000.
- Concessional rates: For homes valued between $800,000 and $1,000,000.
For vacant land where you intend to build your home:
- Full exemption: If land is valued up to $350,000.
- Concessional rate: For land valued between $350,000 and $450,000.
🔗 Learn more about theFirst Home Buyers Assistance Scheme on the Revenue NSW website.
2. First Home Owner Grant (FHOG)
The First Home Owner Grant provides a $10,000 grant to eligible buyers purchasing or building their first new home.
Grant eligibility criteria:
- For a newly built home, the purchase price must not exceed $600,000.
- For vacant land and building, the combined value of the land and home must not exceed $750,000.
The FHOG may be available in addition to stamp duty concessions or exemptions for qualifying buyers.
🔗 Read more about the First Home Owner Grant from Revenue NSW.
Need Help Navigating First Home Buyer Benefits?
At MCB Lawyers, we assist first home buyers across Manly and the Northern Beaches, Wollongong, and Parramatta in understanding and applying for these government schemes. Whether you’re buying your first home, building on vacant land, or unsure if you’re eligible—we’re here to guide you.
📞Contact our property and conveyancing team today to book your consultation.