first home buyer assistance scheme

First Home Buyer Assistance Scheme

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.

New Thresholds

Below is the new thresholds from 1 August 2020 to 31 July 2021:

New Homes

Buy a new home valued at less than $800,000, apply for a full exemption, and pay no transfer duty.

Buy a new home valued between $800,000 and $1 million, and apply for a concessional transfer duty rate. The amount will be based on the value of your home.

Existing Homes

Buy an existing home valued at less than $650,000, apply for a full exemption and pay no transfer duty.

Buy an existing 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.

Vacant Land

You won’t pay transfer duty if your land is valued at less than $400,000.

For land valued between $400,000 and $500,000, you’ll receive a concessional rate.

How to Apply as a first home buyer

Once you have exchanged contracts with the previous owner you can apply for FHBAS by downloading and completing the following:

  1. First Home Buyers Assistance scheme application form and
  2. Purchaser/Transferee Declaration form (individual).

Then you need to lodge your application forms and supporting documents with your solicitor or conveyancer.

Eligibility for the FHBAS

  • The contract date must be on or after 1 July 2017 and must be for the whole property.
    Note: To be eligible for the increased transfer (stamp) duty threshold available between 1 August 2020 and 31 July 2021, the contract date must be on or after 1 August 2020 and on or before 31 July 2021.
  • You must be an individual, not a company or trust.
  • You must be over 18 years of age.
  • 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 received an exemption or concession under this scheme.
  • At least one of the first home buyers must be an Australian citizen or permanent resident.

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.
    Note: If you’re a member of the Australian Defence Force when buying your first home and you and everyone you’re buying with is on the NSW electoral roll, you won’t have to meet these living requirements.

Definition of New Home

A new home is a home that has not been previously occupied or sold as a place of residence and includes a substantially renovated home and a home built to replace demolished premises.

Why is it a smart choice to contact our mortgage brokers

Your expert guide in home buying journey

It is not an easy task to buy your first home. In fact it sure is one of the biggest financial decisions one makes in a lifetime. There is too much to know as it will be a completely new learning curve and no doubt there will be a lot of anxiety.

Therefore it definitely helps to have someone by your side throughout the home buying journey, making sure you understand the process every step of the way.

More options for all client profiles

Type of employment can have a bearing on what loan option and which bank will be best suited for you. We get cases for a lot of self employed clients who say that it has been difficult for them to get the desired loan. Our brokers specialise in loan applications for all types of employment. Whether you are self employed or on a casual or part time employment or having irregular incomes, our brokers have in-depth knowledge of the bank policies and can suggest a loan solution as per your unique situation.

Access to a wide range of loan products

Our brokers work for your benefit. They are not working for a particular bank, or vendor or any real estate agent. They have just your best interest in mind and therefore can compare a wide range of loan products.

Personalised attention

With Nfinity Financials you will get a personalised attention to your requirements, which you may not find with big corporate style financial institutions or banks. Our clients are our first priority.

Our Client Testimonials

See what our customers have to say about Nfinity Financials products, people and services.

“I know Parag since 4 years now, he has not just helped me in home-loan process but he also helped me in buying the property with correct calculations…”

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Submitted on Sep 2020

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Submitted on Jul 2020

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