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As the buyer, you must make sure you have enough funds available for the conveyancer or solicitor to pay the stamp duty. Stamp duty is paid at settlement or within 3 months of exchange, whichever is sooner. Therefore, if you buy a property ‘off the plan’ and it doesn’t register for 12 months, Revenue NSW will require payment within 3 months. If you think you may be eligible for a stamp duty exemption, you should mention this to your conveyancer or solicitor.
It has been prepared without taking into account any person’s objectives, financial situation or needs. Realestate.com.au recommends that you seek independent legal, financial, and taxation advice before acting on any information in this article. The current grant applies to contracts dated after 1 January 2016. For contracts dated between 1 October 2012 and 31 December 2015, a higher grant of $15,000 applied.
Grants and schemes
Deciding to buy your first home is an exciting time but it can also quickly become challenging if you don’t know where to start. We’ve created a multi-stage guide to help you on your home buying journey with expert tips, guidance and practical information. However, state grants all have specific end dates, please refer to your state government for the full details. Currently, there is no end date for the main first home owner grant scheme.
Essential tools and tips on everything from buying to investing in property.
Who can apply
To see if you qualify for grants and schemes, visit our page on the government grants and schemes available for first home buyers. Typically, most lenders require a deposit of at least 5% of the property price. The grant amount on its own might not be sufficient, in which case you will require existing savings for a deposit on your first home. You must have already exchanged contracts to purchase your first home or vacant land.
If you buy an existing home valued at less than $650,000, you can apply for a full exemption and pay no stamp duty. A NSW stamp duty calculator shows this will save you up to $24,585. Once you have made your choice to opt into property tax; you cannot change your mind once you are the owner of this land.
Off the plan applications
If you are an eligible first home buyer in NSW, you now have a choice between paying stamp duty or a smaller annual property tax. The First Home Owners Grant calculator is designed to work out which government benefits, such as grants and stamp duty exemptions, you may be eligible to receive. Choice to pay either the existing up front transfer duty or an annual property tax. The best part is that you can use the scheme together with other grants such as the state governments’ first home owners grant , stamp duty concessions and the First Home Super Saver Scheme.
Permanent members of the Australian Defence Force may be exempt from the 6 month residence requirement. The value of your block of land was between $350,000 and $450,000. The information provided on this website is for general education purposes only and is not intended to constitute specialist or personal advice. This website has been prepared without taking into account your objectives, financial situation or needs. The information contained in this article is intended to be of a general nature only.
If the building industry is stagnating then it is likely that the state government will introduce or increase their new home grant as this has been a very effective method of boosting the industry. Federal elections are likely to result in changes to the standard first home owners grant, as this is a Federal scheme. In fact the grants were first introduced in 2000 to offset the increase in new home prices due to the introduction of the GST. First home buyers should also use our credit score, borrowing power and LMI calculators. Please refer to your state government website to confirm the full criteria and grant conditions. Find out about assistance available from the NSW Government and Australian Government for eligible first home buyers.
Pay now or learn about your options to manage your fines and fees. You must sign the contract of purchase on or after 11 November 2022. Home Loan Experts is a business owned by mortgage broking firm Home Loan Experts Pty Ltd.
The grant is mostly applicable if you are buying or building a brand new home; however, there are exceptions in some states. If you are applying for a home loan with a partner who has previously claimed the grant, you may not be eligible for it again. You need to lodge your applications form and supporting documents with your solicitor or conveyancer. You may be eligible for a $10,000 grant under the First Home Owner Grant scheme. You’ll need to occupy the home as your principal place of residence for 6 months continuously, within 12 months of the agreement.
Property tax assessments will be issued in respect of financial years. For properties that are owned for less than a full financial year, a pro-rata adjustment will be made based on the number of days in the year the property is owned. As at the date of the contract, no purchaser is a foreign person and liable to Surcharge Purchaser Duty under Chapter 2A of the Duties Act 1997.
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