How It Works

The FHBAS provides a complete exemption from transfer duty for eligible first home buyers purchasing an existing home valued at $800,000 or less. If your property falls between $800,000 and $1 million, you'll benefit from a reduced transfer duty rate, proportional to the property's value. This sliding scale offers significant savings, making homeownership more accessible.

If you plan to build your dream home, purchasing vacant land also comes with financial advantages. No transfer duty is applied if the land is valued at $350,000 or less. For land priced between $350,000 and $450,000, a reduced transfer duty rate applies, further easing the entry into homeownership.

Eligibility Criteria

To qualify for the FHBAS, certain conditions must be met. Applicants must be at least 18 years old and either Australian citizens or permanent residents. It is essential that the property in question is your first home purchase. Additionally, you must commit to residing in the home for at least 12 months, moving in within 12 months of settling on an existing home or completing a new build. For detailed eligibility criteria and any potential exceptions, you can refer to the official guidelines.

Application Process

The process of applying for the FHBAS involves several steps, typically facilitated by your conveyancer or solicitor. They can guide you through assessing your application to ensure compliance with the scheme's requirements. You'll need to provide personal identification documents, details regarding your property purchase, and the completed application form. This structured approach ensures you take full advantage of the scheme’s benefits.

For more information on how to apply and to get started with your application, visit Apply Now.

For more information, you can contact Revenue NSW at 1300 130 624 or +61 2 7808 6913, or email them at first.home.benefits@revenue.nsw.gov.au.