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This guide centralises key information on the First Home Buyer Assistance Scheme (FHBAS) and provides industry professionals the legislative and operational requirements under the First Home Buyers Assistance Scheme (FHBAS).
For a comprehensive understanding of the FHBAS scheme, it is recommended that the guide is read in its entirety.
The First Home Buyers Assistance Scheme (FHBAS) commenced on 1 July 2017 and allows purchasers/transferees who are acquiring their first home to apply for a concession or exemption from transfer duty.
For transactions with a liability date on or after 1 July 2023, the thresholds for FHBAS will be the following
A full exemption from transfer duty if the dutiable amount of the property is equal to or less than $350,000.
the first home buyer will pay a concessional rate of transfer duty if the dutiable amount of the property is above $350,000 and less than $450,000.
Liability date
The liability date of the transaction is used to determine the eligibility for the scheme.
Where there is a contract for sale of land or other agreement, the liability date is the date of first execution. In most cases, with a contract for sale of land, this will be the date of exchange.
Where there is no other contract or agreement, and there is only an electronic registry instrument, the liability date is taken to be the date when the instrument is first digitally signed by a subscriber in the ELNO workspace or otherwise, the date the information relating to the instrument is first received by Revenue NSW.
Duty on a contract for sale of land or transfer is calculated on the consideration (being the amount of a monetary consideration or the value of a non-monetary consideration paid for the property) or the unencumbered value of the subject property, whichever is the greater.
This is often referred to as the ‘dutiable value’ or the ‘dutiable amount’.
Previous FHBAS thresholds
The following FHBAS thresholds apply to transactions with a liability date of:
The dutiable value is equal to or less than $650,000.
Vacant land
The dutiable value is equal to or less than $350,000.
Concessional rate of transfer duty
New and existing home
The dutiable value is more than $650,000 and less than $800,000.
Vacant land
The dutiable value is more than $350,000 and less than $450,000.
Other grants and schemes available
Revenue NSW administers the following grants, schemes and initiatives.
A purchaser/transferee may qualify for one of more of the below based on their eligibility.
First Home Owner Grant (FHOG)
A $10,000 grant available for purchasers buying or building their first new home.
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 Shared Equity Home Buyer Helper
Assists eligible single parents (with dependent children), single people (50 years and over) and first home buyers who are employed as key workers with buying a home.
