Exciting updates to the First Home Buyer
Assistance Scheme (FHBAS) bye NSW Government
The NSW government has expanded the First Home Buyer Assistance Scheme (FHBAS). From 1 July 2023, the transfer duty exemption threshold for new and existing home purchases by eligible first home buyers will increase from $650,000 to $800,000, and the concessional rate will increase from $800,000 to $1 million.
From 1 July 2023, access First Home Buyer Choice (FHBC) will close, and the customer base will be grandfathered.
First home buyers who exchange contracts before 1 July 2023 and opted in to FHBC will continue to pay property tax for as long as they own that property and will remain exempt from transfer duty on that purchase.
Additionally, the residence requirement will change for the following:
- First Home Buyers Assistance scheme
- First Home Owner grant
- Deferral of transfer duty payment for off the plan transactions
- Exemptions for tenants of the Department of Housing and Aboriginal Housing Office
For contracts entered into on or after 1 July 2023, purchasers under the above schemes, grants or exemptions must move into their homes within 12 months of settlement and live in the property for a continuous 12-month period to satisfy the residence requirement.
More information can be found below on the Revenue NSW website. https://www.revenue.nsw.gov.au/grants-schemes/first-home-buyer/assistance-scheme
*** Information correct at the time of posting.