Are you a first home buyer of a property in NSW and want to know what sort of benefits you are entitled to?
From 1 July 2023, you will receive a full exemption from stamp duty if you are buying a new or existing home valued up to $800,000, while if you are buying a home over $800,000 and less than $1,000,000 you may qualify for a concessional rate.
If you are purchasing vacant land on which you intend to build a home, you may receive an exemption for land valued up to $350,000 and a concessional rate for land valued over $350,000 and less than $450,000.
To be eligible for stamp duty concessions under the First Home Buyers Assistance Scheme you must fit the following criteria:
- the purchase must be for a new or existing home, or vacant land in NSW
- the property value must be within the threshold amounts (see above and the Revenue NSW website for further information)
- the transfer must be for the whole property
- you must be an individual, (not a company or trust*)
- you must be over 18*
- you and your spouse or partner, must never have owned or co-owned residential property in Australia
- you and your spouse or partner, must never have previously received an exemption or concession under the scheme
- at least one of the first home buyers must be an Australian citizen or permanent resident
- for new or existing homes, you must meet the requirements for living in the property.
For further information on purchasing a property contact once of our team of professionals today on 02 4627 3333.
This article was published on 30/04/24 and the information is valid only to the date of publishing. This article should be considered merely general and non-specific on the subject matter and is not and should not be considered or relied on as legal, advice. Meehans Solicitors is not responsible in the event this information is relied upon by the reader in the absence of specific legal advice.
