If you’re a first home buyer, you may be entitled to a concessional rate of transfer duty or even an exemption from paying it altogether under the First Home Buyers Assistance scheme (FHBAS).
Unlike the First Home Owner Grant, the FHBAS applies to
The NSW Government increased the transfer (stamp) duty thresholds for the purchase of new homes and vacant land from 1 August 2020 to 31 July 2021.
From 1 August 2021, the thresholds will revert to the previous thresholds.
The tables below show the thresholds from 1 August 2020 to 31 July 2021 and the thresholds for agreements dated between 1 July 2017 to 31 July 2020 and continuing from 1 August 2021.
The FHBAS Calculator should be used for all purchases from 1 July 2017.
After you’ve exchanged contracts with the previous owner you can apply for either of the FHBAS by downloading and completing the:
You need to lodge your application forms and supporting documents with your solicitor or conveyancer.
To qualify for the FHBAS
You or one of the other first home buyers must
If you’re a member of the Australian Defence Force when buying your first home and you and everyone you’re buying with is on the NSW electoral roll, you won’t have to meet these living requirements.
If you have any questions about the requirements for living in the property, contact us.
A new home is a home that has not been previously occupied or sold as a place of residence and includes a substantially renovated home and a home built to replace demolished premises.
The FHABS applies when 50% or more of buyers are eligible.
If your circumstances change and you won’t be able to move into the house within 12 months or you can’t live there for six continuous months, you are no longer eligible for the scheme.
You must let us know straight away to arrange the correct duty to be paid. Otherwise, you’ll face the possibility of penalties or fines.
Contact us to update your details.
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.
If you haven't found answers on this website to questions about first home buyer assistance and how to apply, contact us.