Among the offerings, the First Home Assistance Scheme stands out. Stamp duty, a government-imposed tax on property transactions, can be a daunting aspect of purchasing a Home, Land, or investment property. However, if you’re acquiring your first Home in NSW, you could be eligible for either a full stamp duty exemption or a discounted rate (concession) based on the value of your property. Here’s a closer look at who can benefit from this program:

Eligibility Criteria:

NSW residents making their initial Home purchase under $1 million.

The property can encompass a House, town house, apartment, unit, or similar dwellings.

Qualification Conditions:

You must be at least 18 years old at the contract date.

At least one buyer must be an Australian citizen or permanent resident.

Buyers must be individuals, not companies or trusts.

Neither you nor your spouse/partner must have previously owned or co-owned a residential property in Australia.

You must move into the new Home as your primary residence within 12 months of purchase and reside there continuously for at least 6 months.

Benefits:

Buying a new Home valued under $650,000 grants a full stamp duty exemption.

A new Home valued between $650,000 and $800,000 qualifies for a concessional stamp duty rate.

Existing Homes under $650,000 have a full stamp duty exemption.

Existing Homes between $650,000 and $800,000 enjoy a concessional stamp duty rate.

Land valued below $400,000 incurs no stamp duty.

Application Process:

Download and complete the application forms from revenue.nsw.gov.au.

Submit the forms along with supporting documents through your solicitor or conveyancer.

If you’re embarking on the journey of purchasing or building a new Home or a substantially renovated one, the First Home Owner Grant (FHOG) could be a valuable resource. This grant amounts to $10,000 and is designed to assist first-time Home buyers. Here’s what you need to know:

Eligibility Criteria:

First Home buyers purchasing a new or substantially renovated Home in NSW valued under $600,000.

For those acquiring Land to build on, the combined value of Land and the intended Home must not exceed $750,000.

Qualification Conditions:

Similar to the eligibility criteria of the First Home Assistance Scheme.

Benefits:

The grant applies to a range of scenarios, including newly built properties, substantially renovated Homes, Land and building Packages, and vacant Land for constructing a new Home.

Application Process:

Apply through an approved agent (lender, bank, or financial institution).

Alternatively, send your application directly to revenue.nsw.gov.au if the purchase is complete or construction has begun.

For eligible first Home buyer key workers in specific professions, including nurses, midwives, paramedics, teachers, early childhood educators, and police officers, a unique opportunity awaits through the Shared Equity Home Buyer Helper program.

Support Details: The program offers vital support to first Home buyer key workers, granting assistance to those who qualify. The eligible property’s purchase price is subsidized by the NSW Government, contributing up to 40% of the property’s value, while retaining this contribution as equity.

Requirements: To avail this beneficial program, you should fulfill the following criteria:

Demonstrate the capacity to service a mortgage with the government’s contribution.

Adhere to income and asset thresholds as set by the program.

Be able to contribute a minimum of 2% towards the deposit.

Commit to occupying the property as your primary residence starting from the settlement date.

Eligibility Criteria: To apply for this program as a first Home buyer key worker, you need to fulfill these prerequisites:

Attain the age of 18 or above.

Be purchasing the first Home you or your spouse have owned or co-owned in Australia.

Hold Australian or New ZeaLand citizenship, or possess permanent Australian residency.

Provide confirmation of your qualifications and the pertinent award or enterprise agreement under which you are employed.

Furnish evidence of employment and income.

Additional Eligibility Considerations: Inclusivity is a cornerstone of this program. Single parents with dependent children and individuals aged 50 and above have the opportunity to apply, even if they are not first-time Homebuyers. Meeting the other specified eligibility criteria is essential for consideration.

Unlock the Potential: The Shared Equity Home Buyer Helper program serves as a pathway for dedicated key workers to realize their dreams of Homeownership. It embodies the NSW Government’s commitment to providing tangible support to those who contribute significantly to the community. If you meet the outlined criteria, this program can be the stepping stone to securing your own residence and establishing a strong foundation for your future.