New South Wales

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First home buyers grant New South Wales

The First Home Plus scheme provides eligible NSW first home buyers with exemptions or concessions on transfer stamp duty. Under the scheme, eligible first home buyers are exempted from transfer stamp duty if buying a home valued up to $500,000 and receive transfer stamp duty concessions on homes valued between $500,000 and $600,000.

If buying vacant land to build a home, eligible first home buyers do not pay transfer stamp duty if the land is valued up to $300,000 and receive transfer stamp duty concessions on homes valued between $300,000 and $450,000.

First home plus – applications and eligibility

Your local mortgage broker can help you determine your eligibility, help you compile your supporting documents and even help complete your application. Simply email us the form on this page or call at any time on 13 LOAN or direct on +61 2 9249 3739 and we will contact you within 2 business hours.

First home plus eligibility criteria

To qualify for First Home Plus you must meet the criteria listed below:

The contract and the transfer must be for the purchase of the whole of the property.
All purchasers must be ‘eligible purchasers’.
At least one eligible purchaser must occupy the home as their principal place of residence for a continuous period of six months, commencing within 12 months of completion of the agreement.
An ‘eligible purchaser’ is a natural person (ie not a company or trust) at least 18 years of age who has not, and whose spouse/de facto has not:
At any time owned (either solely or with some one else) residential property in Australia other than property owned solely as trustee or executor.
Previously received an exemption or concession under First Home Plus

Note: If all purchasers are not ‘eligible purchasers’ you may still qualify for a concession under First Home Plus One.

First home plus one

First Home Plus One allows eligible first home buyers to buy property with other parties and still receive a concession. To qualify the eligible purchasers must buy at least 50 per cent of the property. Eligibility criteria and value limits are the same as those of the First Home Plus.

Your transfer stamp duty is then calculated depending on the proportion of the property purchased by other parties. However, this interest is disregarded if it is not more than five per cent.