Important Information for FHB (First Home Buyers)
Please click the ATO link below for an explanation on how overseas buyers will need to apply online for FIRB approval
https://www.ato.gov.au/general/online-services/foreign-investors/accessing-online-services-for-foreign-investors/
First Home Buyers Assistance scheme
If you are a first home buyer in NSW, and that you are a permanent resident or a citizen, you may be eligible for a full exemption or a reduced rate of transfer duty under the First Home Buyers Assistance Scheme.
From 1 July 2023, a full exemption from transfer duty will be available if you are buying a new or existing home valued up to $800,000, while homes valued over $800,000 and less than $1,000,000 may qualify for a concessional rate.
If Stamp Duty is applicable because the property exceeds $800,000, it must be paid within 3 months of the contract exchange. If the completion date is within that 3-month period, payment is due on or before settlement. For Off-The-Plan properties, buyers receive an additional 12 months to pay, totaling 15 months. It's important to note that Stamp Duty is still required even if the property is completed not within that 15-month timeframe.
If you are purchasing vacant land on which you intend to build a home, you may receive an exemption for land valued up to $350,000 and a concessional rate for land valued over $350,000 and less than $450,000.
First Home Owner Grant
A $10,000 First Home Owner Grant (FHOG) is available when you buy or build your first new home.
Your first new home can be a house, townhouse, apartment, unit or similar that is newly built, purchased off the plan or substantially renovated.
If you purchase a newly built house, townhouse, apartment, unit or similar the purchase price must not exceed $600,000.
If you purchase vacant land and sign a building contract with a builder then we add the value of the vacant land plus the value of the comprehensive home building contract plus the cost of any building variations done together. The total combined cost must not exceed $750,000.
If you purchase a home which was substantially renovated by the seller, the purchase price must not exceed $600,000.
You may be eligible for the grant if:
most of the home was removed or replaced
the seller, builder or a tenant has not lived in the home prior to, during or after renovations
it is the first time the home has been sold since completion of renovations.
This means the first sale of a property will not be a new home if the person who built it lived in it, leased it out or used it for short-term accommodation.
Requirements for living in the property
If you are buying a new or existing home, you must satisfy the following residence requirements .
You or one of the other eligible first home buyers must:
move into the home within 12 months after settlement, and
live in the property as your principal place of residence for at least 12 continuous months.