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First home owners benefits – Do you know what’s available?

Now that we have reached the end of another financial year, it’s a good time for first home buyers to start researching whether or not they are ready to jump into the property market.

A lot of first home buyers are unaware of the ins and outs of what government grants, exemptions or concessions are available to them as a first time buyer, particularly as rules can change from year to year.

We have provided a quick cheat-sheet of what first home buyer benefits are available in NSW as of 1 July 2018.

First Home Owner Grant

The First Home Owner Grant (New Homes) scheme offers first home owners in NSW $10,000 if they are building a new home up to the value of $750,000, or purchasing a new home valued up to $600,000.

Stamp Duty Exemption

Under the First Home Buyers Assistance Scheme, eligible first home buyers are entitled to a stamp duty exemption on the purchase of a new or existing dwelling valued up to $650,000.

Those buying a vacant block of residential land to build their home on will pay no duty on vacant land valued up to $350,000.

Stamp Duty Concession

Eligible first home buyers can receive a stamp duty concession if they purchase a new or existing dwelling valued between $650,000 and $800,000.

Those buying a vacant block of residential land to build their home on will receive concessions on duty for vacant land valued between $350,000 and $450,000.

There are a number of conditions on buyers claiming grants, exemptions and concessions. To find out if you’re eligible visit www.revenue.nsw.gov.au/grants.

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