The NSW Government announced increased thresholds for purchases of new homes and vacant land to build a new home from 1 August 2020. The threshold for existing home purchases remains unchanged.
You may be eligible to apply for an exemption or reduction of transfer duty charges under the assistance scheme.
This assistance scheme applies to first home buyers:
- buying an existing home
- buying a new home
- buying vacant land on which you intend to build a home.
For homes or vacant land bought between 1 July 2017 and 31 July 2020, you can apply for a full exemption if:
- the value of your new or existing home is less than $650,000.
You can apply for a concession if:
- the value of your new or existing home is between $650,000 and $800,000, or
- the value of your block of land is between $350,000 and $450,000.
If you buy a home or vacant land between 1 August 2020 and 31 July 2021 you can apply for a full exemption if:
- the value of your new home is less than $800,000, or
- the value of your existing home is less than $650,000.
You can apply for a concession if:
- the value of your new home is between $800,000 and $1 million, or
- the value of your existing home is between $650,000 and $800,000, or
- the value of your block of land is between $400,000 and $500,000.
Eligibility
To be eligible
- you must be an individual (not a company or trust)
- over 18 years old
- you, or at least one person you’re buying with, must be an Australian citizen or permanent resident
- you or your spouse must not have previously:
- owned or co-owned residential property in Australia
- received an exemption or concession under this scheme.
You must have already exchanged contracts to purchase your first home or vacant land.
You need to lodge your applications form and supporting documents with your solicitor or conveyancerl