Understanding NSW First Home Buyer Assistance Schemes
If you’re buying or building your first home in New South Wales, you may be eligible for financial assistance from the state government. NSW offers several programs aimed at making it easier for first-time buyers to purchase a home to live in.
Here’s a quick look at two key schemes available:
1. First Home Buyer Assistance Scheme
Under this scheme, first-time home buyers in NSW may be eligible for transfer duty (also known as stamp duty) concessions. Currently, first home buyers purchasing a property valued at $800,000 or less will pay no transfer duty, while those buying a property valued between $800,000 and $1 million may qualify for a reduced rate. However, as these thresholds can change, it’s essential to check the current eligibility with your conveyancer to ensure you’re receiving the correct benefits.
2. First Home Owner (New Home) Grant
If you’re building a new home, buying a newly constructed property, or purchasing a substantially renovated property in NSW, you may qualify for a $10,000 First Home Owner Grant. This grant is designed to help new homeowners offset part of the purchase price, easing the financial burden of acquiring a new home.
How GJ Conveyancing Can Help
Navigating government schemes and eligibility criteria can be complex, especially when thresholds and requirements change. At GJ Conveyancing, I can guide you through these programs, ensuring you’re informed about your eligibility and maximising the assistance available to you. If you’re ready to start your first home journey, get in touch to see how I can assist.