Your first home.
What help is available in New South Wales, who qualifies, and what to do from your offer to your keys.
Buying your first home is a large step.
You will sign documents that bind you to pay a large sum by a fixed date.
We explain each one before you sign it.
Help with transfer duty
The NSW Government runs the First Home Buyers Assistance Scheme.
For contracts exchanged on or after 1 July 2023:
- A new or existing home valued up to $800,000 pays no transfer duty.
- A home valued above $800,000 and below $1,000,000 pays a reduced rate.
- Vacant land valued up to $350,000 pays no transfer duty.
- Vacant land valued above $350,000 and below $450,000 pays a reduced rate.
Who qualifies
In general:
- You must be an individual over 18, not a company or trust.
- You and your spouse or partner must never have owned residential property in Australia, and must not have received this help before.
- At least one buyer must be an Australian citizen or permanent resident.
- For a home, you must move in within 12 months of settlement and live there for at least 12 continuous months.
The rules have exceptions. We check your position before you exchange.
From offer to keys
- Have your finance approved before you make an offer.
- Send us the contract before you sign.
- We explain the contract and tell you what to change.
- You exchange and pay the deposit.
- The cooling-off period runs for 5 business days, unless you bought at auction.
- We order searches, check the title and prepare for settlement.
- We apply the transfer duty exemption or concession, if you qualify.
- Settlement takes place electronically and you collect the keys.
Where first home buyers get caught
Assuming you qualify
If you or your partner have owned residential property in Australia before, you may not qualify. Tell us before you exchange.
Moving in late
For a home, you must move in within 12 months of settlement and stay for 12 continuous months. If you do not, the duty can become payable.
Paying a holding deposit and thinking the property is yours
It is not secured until contracts are exchanged.
Signing before finance is ready
Once contracts are exchanged, you are bound.
Common questions
Do I pay stamp duty as a first home buyer?
Not on a home valued up to $800,000, if you qualify. A reduced rate applies above $800,000 and below $1,000,000.
Can I buy with my partner?
Yes. Neither of you can have owned residential property in Australia before.
Can I rent the home out?
For a home, you must live in it for at least 12 continuous months, starting within 12 months of settlement.
When should I call you?
Before you sign anything.
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