The NSW Government now provides first home buyers purchasing properties for up to $1.5 million the ability to choose to pay an annual property tax instead of stamp duty. The property tax will only be payable by first home buyers who choose it, and will not apply to subsequent purchasers of a property. This initiative will lower the up-front costs of home purchases and help to boost the rate of home...
When to pay transfer duty You must pay transfer duty within three months of signing a contract for sale or transfer, except in the case of off-the-plan purchases. If you buy off-the-plan and you intend to live in the property, you may be able to defer your transfer duty liability for up to 12 months. Read more on...
First Home Buyer Assistance scheme If you’re a first home buyer, you may be entitled to a concessional rate of transfer duty or even an exemption from paying it altogether under the First Home Buyers Assistance scheme (FHBAS). Unlike the First Home Owner Grant, the FHBAS applies to buying an existing home buying a new home and vacant land on which you intend to build a home. The NSW...
First Home Owner (New Homes) Grant If you purchase a newly built house, townhouse, apartment, unit or similar the purchase price must not exceed $600,000. If you purchase vacant land and sign a building contract with a builder then we add the value of the vacant land plus the value of the comprehensive home building contract plus the cost of any building variations done together. The total combined cost...
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