It is often said the great Australian dream is to own your home. The initial step to achieve this dream is to purchase your first home. Since 2000, the various State governments have provided assistance to eligible first home buyers.
Assistance can be in the form of lower taxes (purchase stamp duty) and/ or a cash grant. The assistance is reviewed annually in line with the economic situation and government policy. For the past few years assistance has been directed at increasing the supply of newly built dwellings, however from 1 July 2017 the scheme was extended in NSW to include existing dwellings.
NSW first home buyer assistance scheme – from 1 July 2017
The current scheme in NSW provides exemptions or concessions on transfer stamp duty for eligible NSW first home buyers. This includes vacant land on which you intend to build your first home, new-completed dwellings, off the plan purchases and existing dwellings.
Example of how the change makes a positive difference for first home buyers looking to purchase an existing dwelling.
What are the benefits for eligible first home buyers?
To qualify for first home buyer assistance, you must meet the criteria listed on the Office of State Revenue website.
Call us now for a discussion about your situation and to check eligibility for the First Home Buyers Assistance. We can provide an obligation free assessment of your borrowing capacity and what you need to contribute to purchase your home.
Information sourced from the NSW Office of State Revenue 02/08/2017