There are a lot of schemes which the Government keep on rolling out to ease out the financial burden of buying a home. If you are a first home buyer, this is a must read for you.
Under the First Home Buyer Assistance scheme (FHBAS), a first home buyer may get a concessional rate of transfer duty or even an exemption from paying the duty altogether.
It is different from 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 recently announced increased thresholds for purchases of new homes and vacant land to build a new home from 1 August 2020. The threshold for existing home purchases remains unchanged.