Updated 10 July 2017
The First Home Owner Grant (New Homes) Scheme is NSW Government initiative to help you purchase your first home.
The NSW State Government has announced a raft of initiatives to support first home buyers, which came into effect on 1 July 2017. Those changes include a grant of $10,000 for first home buyers purchasing a new property up to $600,000 or building a new property up to $750,000, where eligibility criteria is met. Further, insurance duty which was previously payable on Lender Mortgage Insurance has been abolished.
You may also be eligible for the First Home Buyers Assistance Scheme. If you are eligible, this scheme provides exemptions or concessions on transfer duty (Stamp Duty).
The NSW First Home Buyers Assistance Scheme is effective as of 1 July 2017 and includes the following:
- An exemption from transfer stamp duty is available for eligible first home buyers purchasing a new or existing home valued up to $650,000 and concessions on duty for a new and existing home valued between $650,000 and $800,000.
- Eligible purchasers buying a vacant block of residential land to build their home on will pay no duty on vacant land valued up to $350,000, and will receive concessions on duty for vacant land valued between $350,000 and $450,000.
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