What is the First Home Buyers Assistance Scheme?
If you are a first home buyer, you may be eligible for a concessional rate of stamp duty or even an exemption from paying it all together under the First Home Buyers Assistance Scheme (FHBAS).
Unlike the First Home Owner Grant, the First Home Buyers Assistance Scheme applies to:
- Purchasing an existing home
- Purchasing a new home
- Intending to build a new home on vacant land
- Purchasing a new home valued less than $650,000, apply for a full exemption, pay no stamp duty.
- Purchase a new home valued between $650,000 and $800,000, apply for a concessional stamp duty rate. The amount will be based on the value of your home.
- Purchase an existing home valued less than $650,000, apply for a full exemption and pay no stamp duty.
- Purchase an existing home valued between $650,000 and $800,000, apply for a concessional stamp duty rate. The amount will be based on the value of your home.
- You do not pay transfer duty if your land is valued less than $350,000.
- You will receive a concessional stamp duty rate if your land is valued between $350,000 and $450,000.
- First home buyers must move into the new home within 12 months of settlement, and live there for at least 6 continuous months.
- If you are a first home buyer and are a member of the Australian Defence Force and you and everyone you are buying with is on the NSW electoral roll, you do not have to meet these living requirements.
Who Can Apply:
- an Australian citizen or a permanent resident of Australia (or applying with someone who is)
- at least 18 years old
- you or your spouse must not have previously owned a property in Australia
- have not previously received an exemption or concession under this scheme
Apply for your First Home Loan today!
As a first home buyer, you may be eligible for a duty exemption, concession and/or a grant. It is important you understand what options are available to you so that you can make the right decision. Our expert brokers here at Greenline Home Loans are here to help!
More Options for First Home Buyers
Family members can act as a guarantor and use a portion of their own home's equity to help their loved ones, the borrower, to secure a home loan. This can reduce the borrower’s loan to ratio value and can also help save a large sum of money by reducing or even avoiding the need to pay Lender’s Mortgage Insurance.