revenue.nsw.gov.au First Home Buyer Assistance Scheme : New South Wales

Organization : New South Wales Revenue Government
Facility : First Home Buyer Assistance scheme
State : New South Wales
Country : Australia
Website : https://www.revenue.nsw.gov.au/grants-schemes/first-home-buyer/assistance-scheme

NSW FHBAS

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).

Objective

Unlike the First Home Owner Grant, the FHBAS applies to
** buying an existing home
** buying a new home and
** vacant land on which you intend to build a home.

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.

Scheme Details

1 August 2020 – 31 July 2021 :

New homes	Existing homes	Vacant land
Buy a new home valued at less than $800,000, apply for a full exemption, and pay no transfer duty. Buy a new home valued between $800,000 and $1 million, and apply for a concessional transfer duty rate. The amount will be based on the value of your home.	Buy an existing home valued at less than $650,000, apply for a full exemption and pay no transfer duty. Buy an existing home valued between $650,000 and $800,000, and apply for a concessional transfer duty rate. The amount will be based on the value of your home.	You won’t pay transfer duty if your land is valued at less than $400,000. For land valued between $400,000 and $500,000, you’ll receive a concessional rate.

1 July 2017 – 31 July 2020 & continuing from 1 August 2021 :

New homes	Existing homes	Vacant land
Buy a new home valued at less than $650,000, apply for a full exemption, and pay no transfer duty. Buy a new home valued between $650,000 and $800,000, and apply for a concessional transfer duty rate. The amount will be based on the value of your home.	Buy an existing home valued at less than $650,000, apply for a full exemption and pay no transfer duty. Buy an existing home valued between $650,000 and $800,000, apply for a concessional transfer duty rate. The amount will be based on the value of your home.	You won’t pay transfer duty if your land is valued at less than $350,000. For land valued between $350,000 and $450,000, you’ll receive a concessional rate.

How To Apply?

After you’ve exchanged contracts with the previous owner you can apply for either of the FHBAS by downloading and completing the

Steps :
Step 1 : First Home Buyers Assistance scheme application form and
Step 2 : Purchaser/Transferee Declaration form (individual)
Note : New interactive form with declaration tick boxes in place of statutory declaration.

You need to lodge your application forms and supporting documents with your solicitor or conveyancer.

Who’s Eligible?

To qualify for the FHBAS
** the contract date must be on or after 1 July 2017 and must be for the whole property

Note : To be eligible for the increased transfer (stamp) duty threshold available between 1 August 2020 and 31 July 2021, the contract must be dated on or after 1 August 2020 and on or before 31 July 2021.

** 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 received an exemption or concession under this scheme
** at least one of the first home buyers must be an Australian citizen or permanent resident.

Requirements

You or one of the other first home buyers must
move into the new home within 12 months after buying the property and
live there for at least six continuous months.

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.

Definition of 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.

Author : Regina