NSW First Home - New Home Scheme

Posted on 20 April 2012

If you are a first home buyer, you may ask, "Whats the current situation with the First Home Owners Grant and are there any Stamp Duty exemptions available? Is it still available? "

The answer is two fold.

The First Home Owner Grant Scheme is funded by the NSW Government and was set up to to assist first home buyers to purchase their first home by providing them with a grant in the sum of $7000. The grant is not means tested, however there are eligibility criteria which must be satisfied and there is a cap placed on the value of the home.

So the answer to the first question is "Yes the grant is still available".

The second part of the question – Stamp Duty exemptions

As of 1 January 2012 The New Home scheme was introduced. This scheme provides exemptions on Stamp Duty on new homes valued up to $500,000. There are concessions on duty for new homes valued between $500,000 and $600,000.

There is no duty payable for eligible purchasers when buying a vacant block of residential land to build their home provided the land valued no more than $300,000. There are also concessions on duty for vacant land valued between $300,000 and $450,000.

First Home—New Home exemptions or concessions do not apply to the purchase of an existing dwelling.

The answer to the second part of the question is "YES" there are still exemptions available. There are however a few criteria which need to be satisfied.

You can read more about the above schemes by clicking on the link below or watch the YouTube summary at www.osr.nsw.gov.au/benefits/first_home

If you have any question or would like us to assist you with your new home purchase, please contact our friendly staff at Dooley & Associates. You may wish to browse through our conveyancing pages and obtain more useful hints to assist you with your conveyance.