First Home Buyers Assistance scheme
The First Home Buyers Assistance scheme commenced from 1 July 2017.
The First Home Buyers Assistance scheme is a NSW Government initiative which provides exemptions or concessions on transfer duty for eligible NSW first home buyers. This includes vacant land on which you intend to build your first home.
The First Home Buyers Assistance scheme provides eligible purchasers with exemptions on transfer duty on new and existing homes valued up to $650,000 and concessions on duty for new and existing homes valued between $650,000 and $800,000.
Eligible purchasers buying a vacant block of residential land to build their home on will pay no duty on vacant land valued up to $350,000, and will receive concessions on duty for vacant land valued between $350,000 and $450,000.
Fitzpatricks Real Estate has a large selection of brand new and established homes for sale in Wagga Wagga.
First Home Owner Grant (New Homes) scheme
For eligible transactions made on or after 1 January 2016, the grant amount is $10,000.
The First Home Owner Grant (New Homes) scheme was established to assist eligible first home owners to purchase a new home or build their home by offering a grant.
The grant amount is determined by the date of the eligible transaction. This is the date of the contract to purchase a new home or contract to build a home. For an owner builder, the eligible date is when the building work commences.
From 1 July 2017, the First Home Owner Grant Cap for new home purchases is $600,000; for a property where you enter into a contract to build, or are an owner builder the total value cannot exceed $750,000.
What is a new home?
A new home is a home that has not been previously occupied or sold as a place of residence and includes a home that has been substantially renovated and a home built to replace demolished premises.
Disclaimer: All of the information contained on this page comes from sources that Fitzpatricks Real Estate believe to be reliable on the date posted; however, the information may be outdated by the time the viewer reads it, so we cannot guarantee its accuracy. We advise you to carry out your own investigations.