Simplifying the First Home Buyers Assistance Scheme - Are you eligible?
Buying your first home can often be daunting and at times overwhelming. In recent times, the media has made it well-known that housing affordability is a big concern for many Australians, particularly for first home buyers. In the 2017/2018 financial year the NSW State Government introduced new initiatives to assist first home buyers in entering into the property market.
The First Home Buyers Assistance Scheme came into effect on 1 July 2017 and provides eligible purchasers with stamp duty exemptions on purchases of new and existing properties valued up to $650,000 and concessions on stamp duty for properties valued at between $650,000 and $800,000.
The Scheme also provides stamp duty exemptions for purchases of vacant land valued at up to $350,000.00 and concessions on stamp duty for land valued from $350,000.00 to $450,000.00.
To qualify for the Scheme:
- The contract must be for the purchase of the whole of the property;
- Each purchaser must be a natural person and at least 18 years of age;
- Each purchaser and their spouse/de facto must not have at any time owned residential property in Australia either solely or with someone else;
- Each purchaser and their spouse/de facto must not have previously received an exemption or concession under the First Home -New Home Scheme; and
- At least one (1) eligible purchaser must occupy the property as their principal place of residence for 6 months within 12 months of completion of the contract.
If you think you are eligible for the scheme, contact your solicitor to find out how you can make the dream of owning your first home become a reality.
Author: Elizabeth Pecipajkovski, Associate
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