What concessions or exemptions exist for first home buyers in NSW?

·         Eligible first-home owners in NSW will generally have access to the NSW First Home Plus scheme. This entitles you to various exemptions and concessions when purchasing a new home or vacant land where you plan to build a new home.

·         There are exemptions on transfer duty for the purchase of:

o   homes valued up to $550,000; and

o   vacant blocks of residential land where a new home will be built up to a value of $350,000.

·         There are concessions on transfer duty for the purchase of:

o   homes valued between $550,000 and $650,000; and

o   vacant land valued between $350,000 and $450,000.

·         The concessions and exemptions do not apply to homes that exceed the capped amount. That means that if for example you purchase a new home valued at $551,000 you would not be eligible for the exemption.

·         You can use our Phone a Lawyer service for a preliminary legal consultation if you think you may need legal advice about your purchase.