First Home Buyer Stamp Duty Changes

Changes affecting First Home Buyers

Effective from 1 July 2023, the NSW Government has announced changes to the First Home Buyers Assistance Scheme. If you’re a First Home Buyer, you may be entitled to a concession or exemption of stamp duty under the expanded scheme. Here’s what you need to know.

First Home Buyers Assistance Scheme

The First Home Buyers Assistance Scheme is expanding.  

For contracts that exchange on or after 1 July 2023, eligible First Home Buyers will receive a full exemption from stamp duty for purchases of new and existing homes up to $800,000. A concessional rate is available for homes up to $1,000,000. The concessional rate will be based off the value of your home.  

First Home Buyers Choice

The First Home Buyers Choice will no longer be available.  

Buyers who exchange on or after 1 July 2023 will no longer be able to access the First Home Buyers Choice.  

Eligible buyers who exchange on or before 30 June 2023 will have until their settlement date to opt into the First Home Buyers Choice.  

Those who have already opted in will not be affected by the changes – the annual property tax will continue to apply for the duration of their ownership of the property & they will remain exempt from stamp duty.  

Residence Requirements

The residence requirements for First Home Buyers will be increasing.  

Buyers who exchange on or after 1 July 2023 must move into the property within 12 months of the settlement date & live there for a continuous period of at least 12 months.  

For further information on the changes, you can visit the Revenue NSW website here.