Stamp duty concession: Savings for first home buyers
Welcome to Buyvest, your local mortgage broker dedicated to making homeownership a reality for first-time buyers across New South Wales. We know that buying your first home is both exciting and overwhelming, and we are here to guide you through every step of the process from understanding stamp duty to unlocking potential savings and accessing government assistance, our expert team will ensure you make the best financial decisions.
If you’re a first home buyer looking to purchase an owner-occupied property in NSW, you may be eligible for significant savings through the First Home Buyers Assistance Scheme.
What is the First Home Buyers Assistance Scheme?
The NSW government offers stamp duty exemptions and concessions to help first-time buyers like you save thousands of dollars under the FHBAS, Here’s what you could be eligible for:
Full exemption on stamp duty for properties valued up to $800,000
Concessional stamp duty rates for properties valued between $800,000 and $1,000,000
For vacant land purchases, an exemption applies up to $350,000, with a concessional rate for land between $350,000 and $450,000
By taking advantage of these savings, you can put more of your money toward your home, your future, and your financial goals
Are you eligible for first-home stamp duty savings
To qualify for the First Home Buyers Assistance Scheme, you must meet the following requirements
Be purchasing a new or existing home or vacant land in NSW
Be an individual buyer (not a company or trust)
Be at least 18 years old
Be an Australian citizen or permanent resident
Have never owned property in Australia or received benefits from this scheme before (applies to you and your partner/spouse)
Living in your first home
If you're buying a home (not just land), you must:
Move in within 12 months of settlement
Live there for at least 12 continuous months
Buying with Others? You can still benefit
If you're purchasing with someone who isn’t eligible, you can still receive benefits under shared equity arrangements, as long as the eligible buyers purchase at least 50% of the property
Important: avoid false claims
Providing incorrect or misleading information when applying for the scheme can lead to serious penalties Make sure you meet all the conditions before applying
How much stamp duty can you save
To help you understand the real impact of these savings, here’s how much you would typically pay in stamp duty—and what you could be savings of up to $30,000 or more, this scheme makes homeownership more affordable and accessible for first-time buyers
How Buyvest makes your homeownership journey easy
Navigating the home-buying process can be overwhelming, but the experts at Buyvest are here to make it seamless and stress-free. We are committed to helping first-home buyers understand their stamp duty savings and government incentives, ensuring they maximise every possible benefit. We provide personalised guidance to help you find the best mortgage options tailored to your financial situation, making sure you secure the right home loan for your needs.
Beyond financing, we assist with the pre-approval process, giving you confidence when making an offer on a property. We are by your side from start to finish, explaining each step in simple terms and ensuring that no important details are overlooked with over a decade of experience helping first-home buyers, Buyvest takes pride in empowering individuals to achieve their homeownership dreams with financial clarity and confidence
Take the first step towards homeownership today
Owning your first home is more achievable than you think, and Buyvest is here to help you take that first step Our mortgage experts are ready to guide you through the First Home Buyers Assistance Scheme, helping you unlock valuable savings while securing the best possible mortgage for your needs.
Call Buyvest today to speak with an experienced mortgage broker who understands the challenges first-home buyers face and knows how to help you overcome them If you're ready to move forward, enquire now to receive personalised advice and take the first step towards owning your dream home.
Frequently Asked Questions
What exactly is stamp duty?
Stamp duty (also called transfer duty) is a state government tax paid when purchasing property. The amount varies based on the property's value, with higher-valued properties incurring higher rates. For first home buyers in NSW, the First Home Buyers Assistance Scheme provides exemptions or concessions on this tax.
Can I get a stamp duty exemption if I've owned property interstate?
No. If you've previously owned residential property anywhere in Australia, you won't qualify for the First Home Buyers Assistance Scheme, even if you didn't receive stamp duty concessions for that property.
What happens if I don't move into the property within 12 months?
Failing to meet the occupancy requirements (moving in within 12 months and living there continuously for at least 12 months) may result in you having to repay the exempted or reduced stamp duty amount, plus interest. However, in certain circumstances, Revenue NSW may grant extensions or exemptions from these requirements.
Can I get a stamp duty exemption for an investment property?
No. The First Home Buyers Assistance Scheme is specifically for owner-occupied properties. You must intend to live in the property as your principal place of residence to qualify for stamp duty exemptions or concessions.
What if my property value is exactly $800,000?
If your property is valued at exactly $800,000, you'll qualify for a full exemption from stamp duty under the current thresholds. Properties valued at $800,001 or above will receive a concession rather than a full exemption.
How is the property value determined for stamp duty purposes?
For stamp duty calculations, the property value is typically the purchase price stated in the contract of sale. However, if the market value is higher than the purchase price, Revenue NSW may use the higher value for duty assessment.
Can I apply for the scheme if I'm buying a property with my partner who is not a first home buyer?
No, you and your spouse or partner, must never have previously received an exemption or concession under the scheme
What if I need to sell or move out before the 12-month occupancy period ends?
If unforeseen circumstances require you to sell or move out before completing the 12-month occupancy requirement, you should contact Revenue NSW immediately. In some cases, exemptions may be granted for circumstances beyond your control, such as employment changes or family emergencies.
Are there any additional fees I should budget for when buying my first home?
Yes, beyond stamp duty, you should budget for:
Legal and conveyancing fees ($800-$2,500)
Building and pest inspections ($300-$800)
Mortgage registration and transfer fees
Loan application or establishment fees
Moving costs and initial repairs or renovations
How do I apply for the First Home Buyers Assistance Scheme?
Applications are typically handled by your conveyancer or solicitor during the settlement process. They will prepare and submit the necessary documentation to Revenue NSW on your behalf. If you're handling the process yourself, you can apply directly through the Revenue NSW website.
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Cooking up a new beginning in their first home.
NSW government exemptions made their dream home more affordable.
Important stuff:
Please note that the views and opinions expressed in this post are general information only, and this is not financial advice.
Any advice and information is provided by Buyvest Pty Ltd ABN 91 684 841 496, Australia Credit Licence No. 567392 and is general in nature, for educational purposes only and is not intended to constitute specialist or personal advice. This website has been prepared without considering your objectives, financial situation or needs. Therefore, consider the appropriateness of the advice for your situation and needs before taking any action. It should not be relied upon to enter into any legal or financial commitments. Specific investment advice should be obtained from a suitably qualified professional before adopting any investment strategy. If any financial product has been mentioned, you should obtain and read a copy of the relevant Product Disclosure Statement and consider the information contained within that Statement concerning your circumstances before deciding whether to acquire the product. You can obtain a copy of the PDS by emailing hello@buyvest.com.au. If you want to change your financial circumstances, such as applying for a loan, all loan applications are subject to credit approval.
All information on this website is subject to change without notice.
