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If you are a first home buyer in NSW, you may be eligible for a full exemption or a reduced rate of transfer duty under the First Home Buyers Assistance Scheme.
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Are you eligible for home buying assistance?
House hunters can now use the Home Buyer Assistance Finder on nsw.gov.au to easily check their eligibility for the three main programs provided by the NSW Government.
This new online tool provides an indication of whether you can apply.
From 1 July 2023, a full exemption from transfer duty will be available if you are buying a new or existing home valued up to $800,000, while homes valued over $800,000 and less than $1,000,000 may qualify for a concessional rate.
If you are purchasing vacant land on which you intend to build a home, you may receive an exemption for land valued up to $350,000 and a concessional rate for land valued over $350,000 and less than $450,000.
Eligibility
To be eligible for the First Home Buyers Assistance Scheme:
the purchase must be for a new or existing home, or vacant land in NSW
the property value must be within the threshold amounts
the transfer 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 previously received an exemption or concession under the scheme
at least one of the first home buyers must be an Australian citizen or permanent resident
You can apply for a full exemption from transfer duty.
Value is above
$650,000
and less than
$800,000
Concessional rate
You can apply for a concessional transfer duty rate.
Vacant land
Value is equal to or less than
$350,000
Exempt
You can apply for a full exemption from transfer duty.
Value is above
$350,000
and less than
$450,000
Concessional rate
You can apply for a concessional transfer duty rate.
Requirements for living in the property
If you are buying a new or existing home, you must satisfy the following residence requirements .
Contracts exchanged on or after 1 July 2023
You or one of the other eligible first home buyers must:
move into the home within 12 months after settlement, and
live in the property as your principal place of residence for at least 12 continuous months.
Contracts exchanged between 1 July 2017 and 30 June 2023 (inclusive)
You or one of the other eligible first home buyers must:
move into the home within 12 months after settlement, and
live in the property as your principal place of residence for at least 6 continuous months.
Members of the Australian Defence force
If you are a member of the permanent forces of the Australian Defence Force when you exchange contracts, you won’t have to meet these residence requirements if you and everyone you’re buying with is on the NSW electoral roll.
If you have any questions about the requirements for living in the property, contact us.
Changes in living arrangements
If your circumstances change and you will not be able meet the residence requirement you will no longer be eligible for the scheme.
You must let us know straight away to arrange for the correct duty to be paid. Otherwise, you will face the possibility of interest and penalties.
If you’re buying a home with others who aren’t eligible, you can still apply for the scheme if you and any other eligible buyers are purchasing at least half of the property. This is called a shared equity arrangement.
Shared equity doesn’t apply if your spouse is one of the ineligible buyers.
Ineligible buyers who form part of a shared equity agreement, must pay transfer duty on the share of the property they are acquiring.
There are substantial penalties for providing false or misleading information when applying for the FHBAS. We regularly check applications for inaccuracies and compare your information to data from other government agencies and businesses.
