First Home Buyers Assistance Scheme
For many first home buyers, you may be entitled to a concessional rate of transfer duty or even an exemption from paying it altogether under the NSW Government’s 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
- Buy a new home valued at less than $650,000, apply for a full exemption, and pay no transfer duty.
- Buy a new home valued between $650,000 and $800,000 and apply for a concessional transfer duty rate. The amount will be based on the value of your home.
- You won’t pay transfer duty if your land is valued at less than $350,000.
- For land valued between $350,000 and $450,000, you’ll receive a concessional rate.