First Home Buyers Assistance Scheme in New South Wales

 



First Home Buyers Assistance Scheme in New South Wales

At Loans AU, we are excited to share valuable information about the First Home Buyers Assistance Scheme provided by the NSW Government. If you're a first home buyer looking to secure your dream home, you may qualify for a full exemption or a reduced rate of transfer duty under this scheme.

Key Features of the Scheme

Eligibility for Assistance Starting July 1, 2023, first home buyers can benefit from a full exemption on transfer duty when purchasing a new or existing home valued up to $800,000. For properties valued between $800,000 and $1,000,000, a concessional rate applies. If you're considering vacant land for building a new home, you can receive an exemption on land valued up to $350,000, while land valued from $350,000 to $450,000 may qualify for a concessional rate.

Eligibility Requirements

To qualify for the First Home Buyers Assistance Scheme, applicants must meet the following conditions:

  • The purchase must be for a new or existing home, or vacant land located in NSW.
  • The property value must fall within the specified threshold limits.
  • The transfer must cover the entire property.
  • Applicants must be individuals (not companies or trusts).
  • You must be at least 18 years of age.
  • Neither you nor your spouse/partner should have previously owned or co-owned residential property in Australia.
  • Neither you nor your spouse/partner should have previously received an exemption or concession under this scheme.
  • At least one first home buyer must be an Australian citizen or permanent resident.
  • For new or existing homes, you must comply with the residence requirements.


Living Requirements

 If you are purchasing a new or existing home, the following residence requirements apply:

  • For contracts signed on or after July 1, 2023:
    • You must move into the home within 12 months after settlement and live there as your principal residence for a minimum of 12 continuous months.
  • For contracts signed between July 1, 2017, and June 30, 2023:
    • You must move into the home within 12 months after settlement and reside there for at least 6 continuous months.

Members of the Australian Defence Force can bypass these residence requirements if they are on the NSW electoral roll.

Important Note: If your circumstances change and you’re unable to meet the residence requirement, you must inform the authorities immediately to avoid penalties or interest charges.

Calculate Your Costs

Use the First Home Buyers Assistance calculator to determine how much transfer duty you might need to pay.

How to Apply

Once you've exchanged contracts, apply for the First Home Buyers Assistance Scheme by completing the necessary forms:

1.          For contracts exchanged on or after July 1, 2023, complete:

o   First Home Buyers Assistance Scheme Application form ODA 066B

2.          For contracts exchanged on or before June 30, 2023, complete:

o   First Home Buyers Assistance Scheme Application form ODA 066A

3.          Complete the Purchaser/Transferee Declaration form.

Submit your application along with proof of identity to your solicitor or conveyancer.

Buying with Others If you are purchasing with individuals who aren't eligible, you can still apply for the scheme if you and any other eligible buyers are acquiring at least half of the property. Note that shared equity arrangements don’t apply if your spouse is among the ineligible buyers.

Definitions

  • Spouse: A spouse is someone you are legally married to or in a de facto relationship with.
  • New Home: A home that hasn't been previously occupied or sold as a residence, including substantially renovated homes or homes built to replace demolished premises.

Additional Grants

In addition to the First Home Buyers Assistance Scheme, you may also qualify for a $10,000 grant towards the purchase price, applicable to new homes that meet specific criteria, including total value limits and residency requirements.

Ready to Take the Next Step?

If you're considering buying your first home in New South Wales, contact Loans AU to help you navigate the application process and maximise the benefits of the First Home Buyers Assistance Scheme. Together, we can help make your dream of homeownership a reality!

 


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