first home buyer benefits

5 Mar

When purchasing property, as a first home buyer, it is so important to have the information at your finger tips to ensure that you apply for all possible grants, exemptions and government opportunities.

Being a “first home buyer” means that you have never owned property before.

First Home Buyers Assistance Scheme

In order to qualify for the stamp duty exemption, the following criteria will need to be met:

Requirements

Buying your first home in Australia.
The value must be less than $1 million.
You must also move into the property within 12 months from settlement and live there for at least 12 continuous months.

Who can apply

To qualify as a first home buyer, you must be:

purchasing the first home you or your spouse have owned or co-owned in Australia*
an Australian citizen or a permanent resident of Australia
at least 18 years old*.

thresholds

PROPERTY VALUE - LESS THAN $800,000 = EXEMPT
PROPERTY VALUE - LESS THAN $1,000,000 = CONCESSIONAL RATE

FOR MORE INFORMATION ON ENTITLEMENTS:

First Home Buyers Assistance scheme | Revenue NSW

First Home Owner Grant (new home)

What's on offer

$10,000 towards the purchase price, in addition to the First Home Buyers Assistance Scheme benefits

Requirements

Buying or building your first home.
It's a new home that no-one has lived in before.
It's worth no more than $600,000 (or, for a house and land package with comprehensive building contract, no more than $750,000).
You must also move into the property within 12 months from settlement and live there for at least 12 continuous months.

Who can apply

To qualify as a first home buyer, you must be:

purchasing the first home you or your spouse have owned or co-owned in Australia*
an Australian citizen or a permanent resident of Australia
at least 18 years old*.

FOR MORE INFORMATION - First Home Owner (New Homes) Grant | Revenue NSW

When purchasing your first home, it is vital to be empowered with knowledge.

Renee Roumanos Legal would love to support first home buyers with their purchasing journey. For more information, contact us.