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.