The First Home Buyers Assistance Scheme is expanding. For contracts that exchange on or after 1 July 2023, eligible first home buyers will receive an exemption from transfer duty for purchases of new and existing homes up to $800,000 and a concessional rate of duty for homes up to $1,000,000.
The residence requirement for the First Home Buyers Assistance Scheme will increase to 12 months for contracts that exchange on or after 1 July 2023.
Note: Changes to this scheme from 1 July 2023 will be updated and ready for calculation from 24 June 2023.
The first home buyers assistance scheme provides exemptions or concessions on transfer duty for eligible first home buyers in NSW.
The "shared equity arrangements" within the first home buyers assistance scheme allows for eligible first home buyers to purchase property with other parties and still receive a concession.
The agreement of transfer must be for the acquisition of a home or vacant land intended to be used as the site of a new home.
Read more about the First Home Buyers Assistance scheme.
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