Stamp Duty Exemptions for First Home Buyers- Could you be eligible?
In today’s world (or more specifically in today’s NSW), buying a property never seemed more difficult as sky-high prices dominate the housing market, so much so that even a global pandemic that took away nearly every element of our daily lives couldn’t bring them down.
To help first home buyers get into the market, the government has introduced the First Home Buyer Assistance Scheme, which allows first home buyers to apply for an exemption or concession on their stamp duty payment if they meet the below criteria.
Who’s eligible for the scheme?
This scheme applies to First Home Buyers
buying an existing home
buying a new home and
vacant land on which you intend to build a home.
The First Home Buyers must satisfy the following conditions:
Buyers must be individual adults (companies and trusts are not eligible for this scheme)
Buyers and their spouses/partners must never have owned/ co-owned residential property in Australia nor have received a concession/exemption under this scheme
1+ buyers need to hold either Australian citizenship or permanent residency.
The contract must be for the whole property, and must be signed on or after 1 July 2017
Do I get an exemption or concession?
If you are eligible for this scheme, the nature of your assistance depends on the nature and value of your property. Please see the below table to see whether you are eligible for an exemption or concession.
First Home Buyers Assistance calculator
If you think you’re eligible for the scheme, try using the Scheme Calculator to estimate your stamp duty.
How to apply
You can apply for the scheme after exchange of contracts by completing and lodging the following forms and supporting documents with your solicitor or conveyancer.
Purchaser/Transferee Declaration form (individual)
Note: New interactive form with declaration tick boxes in place of statutory declaration.
Requirements for living in the property
You or one of the other first home buyers must
move into the new home within 12 months after buying the property and
live there for at least six continuous months.
Further information can be found at the following website: First Home Buyer Assistance scheme | Revenue NSW
Do you think you might be eligible for a first home buyers stamp duty exemption or concession? Phone Wainwright Legal today for a confidential discussion.