First Home Buyer Assistance Scheme
There are a lot of schemes which the Government keeps on rolling out to ease out the financial burden of buying a home. Under the First Home Buyer Assistance scheme (FHBAS), NSW, a first home buyer may get a concessional rate of transfer duty or even an exemption from paying the duty altogether. The First Home Buyer Assistance Scheme, NSW, applies to buying an existing home, buying a new home and vacant land on which you intend to build a home. The threshold of this scheme expires on 31st July, 2021. So hurry up, if you are excited to become a first home buyer.
Below are the thresholds from 1 August 2020 to 31 July 2021:
- New Homes: Buy a new home valued at less than $800,000, apply for a full exemption, and pay no transfer duty. Buy a new home valued between $800,000 and $1 million, and apply for a concession transfer duty rate. The amount will be based on the value of your home.
- Existing Homes: Buy an existing home valued at less than $650,000, apply for a full exemption and pay no transfer duty. Buy an existing home valued between $650,000 and $800,000, and apply for a concession transfer duty rate. The amount will be based on the value of your home.
- Vacant Land: You won’t pay transfer duty if your land is valued at less than $400,000. For land valued between $400,000 and $500,000, you’ll receive a concessional rate.
The First Home Buyers Assistance Scheme, NSW is a scheme to encourage the people of NSW to become first home owners. It helps first home buyers take the first step and deposit their first amount with the government helping them with concession transfer duty rate. You are eligible to all the benefits of this scheme if you fulfil the following criteria:
- The contract date must be on or after 1 July 2017 and must be for the whole property.
Note: To be eligible for the increased transfer (stamp) duty threshold available between 1 August 2020 and 31 July 2021, the contract date must be on or after 1 August 2020 and on or before 31 July 2021.
- You must be an individual, not a company or trust.
- You must be over 18 years of age.
- You, and your spouse or partner, must never have owned or co-owned residential property in Australia.
- You, and your spouse or partner, must never have received an exemption or concession under this scheme.
- At least one of the first home buyers must be an Australian citizen or permanent resident.
Why should you take the help of a mortgage broker in Sydney while using the scheme?
It is not an easy task to find the right home for yourself. In fact it sure is one of the biggest financial decisions one makes in a lifetime. There is too much to know as it will be a completely new learning curve and no doubt there will be a lot of anxiety. Therefore it definitely helps to have someone by your side, like a verified mortgage broker in Sydney, to help you throughout the home buying journey, making sure you understand the process of First Home Buyer Assistance Scheme NSW every step of the way.
To find the right mortgage broker in Sydney could also prove to be a difficult task for you when you do not know where to look. Our brokers specialise in loan applications for all types of employment. Whether you are self employed or on a casual or part-time employment or having irregular incomes, our brokers have in-depth knowledge of the bank policies and can suggest a loan solution as per your unique situation.
Our mortgage brokers in Sydney work for your benefit. They are not working for a particular bank, or vendor or any real estate agent. They have just your best interest in mind and therefore can compare a wide range of loan products and offer the one which is best for you. Our clients are our first priority.
From initial consultations in order to understand your specific requirements to taking care of the entire process right through information accumulation, credit review, credit proposal and implementation, our mortgage broker in Sydney covers everything. Our relationship with clients does not end when your loan gets settled, in fact that is where it truly starts. We actively monitor your loan and keep you informed of any latest rate changes that can be beneficial for you. We proactively make any necessary recommendations if required.
If you are thinking about becoming a first home buyer in Sydney, then apply for the First Home Buyer Assistance Scheme, NSW, and the rest we will figure out together.
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