First Home Buyers Assistance Scheme NSW: Your Key to Home Ownership

At Charles L King & Co Echuca Moama, we are dedicated to helping you navigate the exciting journey of purchasing your first home. We are thrilled to share the latest update to the First Home Buyers Assistance Scheme, effective from 1 July 2023. This scheme offers significant financial benefits for first-time homebuyers, making the dream of home ownership more attainable than ever.

What's New in the Scheme- Full Exemption from Transfer Duty:

• New or Existing Homes: If you're buying a home valued up to $800,000, you are eligible for a full exemption from transfer duty. This means you could save thousands of dollars on your new property.
• Concessional Rate: Homes valued over $800,000 and less than $1,000,000 may qualify for a concessional rate, reducing the financial burden of purchasing a higher-valued home.

Vacant Land:

• Exemption for Land: If you plan to build your dream home, you can receive an exemption for vacant land valued up to $350,000.
• Concessional Rate for Land: Land valued over $350,000 and less than $450,000 may qualify for a concessional rate, providing further savings for future homeowners.

Eligibility Criteria:

To take advantage of the First Home Buyers Assistance Scheme, you must meet the following criteria:

1. Property Type and Location: The purchase must be for a new or existing home, or vacant land in New South Wales (NSW).
2. Value Threshold: The property value must fall within the specified threshold amounts.
3. Whole Property Transfer: The transfer must be for the entire property.
4. Individual Applicants: The applicant must be an individual (not a company or trust).
5. Age Requirement: You must be over 18 years old.
6. First-Time Ownership: Neither you nor your spouse/partner must have previously owned or co-owned residential property in Australia.
7. First-Time Benefit: Neither you nor your spouse/partner must have previously received an exemption or concession under this scheme.
8. Citizenship/Residency: At least one of the first home buyers must be an Australian citizen or permanent resident.
9. Occupancy Requirement: For new or existing homes, you must meet the requirements for living in the property.

For more detailed information on the eligibility and benefits, please visit the official NSW Revenue website.

Why Choose Charles L King & Co Echuca Moama?

At Charles L King & Co Echuca Moama, we understand that buying your first home is one of the most significant financial decisions you will ever make. Our team is here to provide expert guidance and support every step of the way. We are committed to helping you find the perfect property that fits your needs and budget.

If you have any questions about the First Home Buyers Assistance Scheme or need assistance with your property search, please don't hesitate to contact us. Our friendly and knowledgeable team is ready to help you make your home ownership dreams a reality.

Your dream home is closer than you think!