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.
To qualify for First Home Buyers Assistance, you must be an eligible purchase which is a natural person (i.e. not a company or trust) at least 18 years of age who has not, and whose spouse/de facto has not at any time owned (either solely or with someone else) residential property in Australia other than property owned solely as trustee or executor or previously received an exemption or concession under First Home—New Home.
The contract and the transfer must be for the purchase of the whole of the property.
At least one eligible purchaser must occupy the home as their principal place of residence for a continuous period of six months, commencing within 12 months of completion of the agreement.