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.
The Government is also closing off access to First Home Buyer Choice (FHBC).
Purchasers who exchange contracts on or before 30 June 2023 have up until settlement to opt-in to FHBC. From 1 July 2023 there will be no option to choose between property tax and transfer duty on new purchases.
Customers who have opted into 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.
First homebuyers purchasing a home for $1 million or more on or after 1 July 2023 are ineligible for transfer duty exemptions or concessions and will be required to pay transfer duty.
More info at revenue.nsw.gov.au
