First Home Buyer Assistance scheme
NSW First Home Buyer Assistance scheme
From 1 August 2021, the first Home Buyer Assistance Scheme (Stamp Duty Concession) thresholds will revert back to the previous thresholds.
A full stamp duty concession will no longer apply to a new home valued at less than $800,000. The full concession will apply to new homes valued at less than $650,000.00.
If you’re a first home buyer, you may be entitled to a concessional rate of transfer duty or even an exemption from paying it altogether under the First Home Buyers Assistance scheme (FHBAS).
Unlike the First Home Owner Grant, the FHBAS applies to
- buying an existing home
- buying a new home and
- vacant land on which you intend to build a home.
The NSW Government increased the transfer (stamp) duty thresholds for the purchase of new homes and vacant land from 1 August 2020 to 31 July 2021.
From 1 August 2021, the thresholds will revert to the previous thresholds.
For more information please contact us today.
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