First home Buyers

At Cassab & Associates Solicitors we have had many years of assisting first home buyers with the purchase of their first home. The purchase of your first home is an important milestone and we are always honoured to help first home buyers take the stress out of this process!

The NSW State Government announced in May 2017 the following stamp duty concessions/ grants:

First Home Buyers Assistance Scheme

From 1 July 2017, eligible first home buyers will be exempt from paying transfer duty on new and existing homes valued up to $650,000 with duty concessions available for new and existing homes valued between $650,000 and $800,000. For purchasers of vacant land, eligible applicants will be exempt from paying duty on vacant land valued up to $350,000 with concessions available for vacant land valued between $350,000 and $450,000.

First Home Owner Grant (New Homes) Scheme

From 1 July 2017 first home owners who purchase a new home valued up to $600,000 or who enter into a contract to build a new home valued up to $750,000 are eligible to apply for a grant of $10,000 pursuant to the First Home Owner Grant (New Homes) Scheme.

For contracts entered into for the purchase of a new home or to build a new home between 1 January 2016 and 30 June 2017, with a value of less than $750,000, the $10,000 grant will also be available to eligible applicants.

Eligibility criteria will apply and applications must be lodged within 12 months of completion of construction or, if purchasing a new home, within 12 months after settlement. For any enquiries feel free to contact our office.

Alternatively, you may wish to visit the Office of State Revenue website for more information on these grants or the NSW Government website for more information about the latest first home buyer’s assistance initiative.

You can find stamp duty calculators here.