What is First home buyer Assistance Scheme?
The NSW Government has expanded the First Home Buyer Assistance Scheme (FHBAS).
For new and existing home purchases by eligible first home buyers will increase from $650,000 to $800,000, and the concessional rate will increase from $800,000 to $1 million. Current threshold for stamp duty exemptions is being raised from $650,000 to $800,000
Additionally, the residence requirement will change for the following:
- First Home Buyers Assistance scheme
- First Home Owner grant
- Deferral of transfer duty payment for off the plan transactions
- Exemptions for tenants of the Department of Housing and Aboriginal Housing Office
For contracts entered into on or after 1 July 2023, purchasers under the above schemes, grants or exemptions must move into their homes within 12 months of settlement and live in the property for a continuous 12-month period to satisfy the residence requirement.
How to apply for First home buyer assistance?
You’ll need to download and complete the First Home Buyers Assistance Scheme application form and the Purchaser/Transferee Declaration Form (both available at revenue.nsw.gov.au). Lodge the application forms and supporting documents with your solicitor or conveyancer.
Are you eligible for the First Home buyer Grant?
- You must be 18 or over at the date of the contract.
- At least one of the first home buyers must be an Australian citizen or permanent resident.
- You must be an individual, not a company or trust.
- You and your spouse/partner must never have owned or co-owned residential property in Australia.
- You and your spouse/partner must never have received a first home buyer grant in Australia.
- You or one of the other first home buyers must move into the new home as your principal place of residence within 12 months after buying the property, and live there for a continuous period of at least 6 months. If you’re a member of the Australian Defense Force when buying your first home and you’re on the NSW electoral roll (as is anyone you’re buying the property with), you won’t have to meet these residential requirements.