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The calculator does not take into account location in metropolitan or regional areas of a state, and assumes the date of purchase is within the eligible date range specified by each state. The calculator provides an indication as to whether you may be eligible for the grant, and is not a guarantee of eligibility. The calculator does not take into account any grants or concessions other than the First Home Owner Grant. Aisha is hoping to upgrade to a larger property in about five years and thinks she will end up paying less tax under the property tax option.
If you are an eligible first home buyer in NSW, you now have a choice between paying stamp duty or a smaller annual property tax. The First Home Owners Grant calculator is designed to work out which government benefits, such as grants and stamp duty exemptions, you may be eligible to receive. Choice to pay either the existing up front transfer duty or an annual property tax. The best part is that you can use the scheme together with other grants such as the state governments’ first home owners grant , stamp duty concessions and the First Home Super Saver Scheme.
Purchase: First Home Owners Grant Calculator
If you qualify for a stamp duty concession or exemption, you can download the application form on the NSW Revenue website. Your solicitor or conveyancer will need to submit this prior to settlement. To calculate the stamp duty you may have to pay on your property, have a look at our stamp duty calculator. For established properties, first home buyers were exempt from paying any stamp duty on homes valued up to $650,000. If the home was valued between $650,000 and $800,000 a concessional rate applied.
A home loan expert will call you once you have submitted your application to talk through next steps. You and your spouse/partner must never have received a first home buyer grant in Australia. You and your spouse/partner must never have owned or co-owned residential property in Australia. At least one of the first home buyers must be an Australian citizen or permanent resident. You can calculate the amount using the NSW Office of State Revenue calculator. You solicitor or conveyancer will email or post you the documents you need to sign and return, so they can lodge your claim with Revenue NSW.
Do You Qualify For The First Home Loan Deposit Scheme?
If you are borrowing money from a bank or through a lender, please check with them that there is enough money available for stamp duty. For accurate and up to date information relating to the current government grants , check the government website. With some of the lowest interest rates on the market for owner occupiers. To be considered, the product and rate must be clearly published on the product provider's web site. If you are buying a property with another person such as your spouse, you both have to be first time buyers in order to be entitled for the FHOG.
As the buyer, you must make sure you have enough funds available for the conveyancer or solicitor to pay the stamp duty. Stamp duty is paid at settlement or within 3 months of exchange, whichever is sooner. Therefore, if you buy a property ‘off the plan’ and it doesn’t register for 12 months, Revenue NSW will require payment within 3 months. If you think you may be eligible for a stamp duty exemption, you should mention this to your conveyancer or solicitor.
The difference between stamp duty and annual property tax
From home buyer to electric vehicle, we issue and administer a range of grants and schemes. Due to the complexity of the qualification criteria and the differences between the state governments it is not always possible to keep our calculator up to date. If you have not saved enough deposit, a guarantor home loan is the best option. There are other low-deposit and no-deposit home loan options for first home buyers.
They will need to know, as they will be the ones who will organise all the paperwork. Loancalculatoraustralia.com.au is a general information provider and does not make any suggestions or recommendations about any particular product. The information provided constitutes information which is general in nature and has not taken into account any of your personal objectives, financial situation, or needs.
To read more about the different first home owners grants, including how to find out if you’re eligible and how you can apply, read our guide on it here. With this information, the calculator will suggest whether you’re eligible for a grant or not, and how much you could be eligible for. The state or territory government will have the ultimate say on whether you qualify for a grant or not. Under First Home Buyer Choice, eligible first home buyers will have the choice of a smaller annual property payment or a traditional upfront payment for properties with a purchase price of up to $1.5 million. Transfer duty on this purchase is $50,200, and the purchase price is above the threshold for any first home buyer transfer duty concessions.
The off the plan purchase contract is for the purchase of a residence that is to be erected or developed before the contract or transfer is completed/settled. Surcharge Purchaser Duty remains payable if any purchaser is a foreign person under Chapter 2A of the Duties Act 1997. A purchaser who is not an eligible purchaser and is not a participant in an Approved Shared Equity Scheme.
If you buy an existing home valued at less than $650,000, you can apply for a full exemption and pay no stamp duty. A NSW stamp duty calculator shows this will save you up to $24,585. Once you have made your choice to opt into property tax; you cannot change your mind once you are the owner of this land.
This will save you up to $13,335 according to a NSW stamp duty calculator. If you buy a new home valued at less than $650,000, you can apply for a full exemption and pay no stamp duty. A NSW stamp duty calculator shows this will save you up to $24,457. Stamp duty is a government tax on certain purchases, including buying a home, land or investment property. The good news is, when you buy your first home and it’s in NSW, you might be eligible for a stamp duty exemption or concession .
Deciding to buy your first home is an exciting time but it can also quickly become challenging if you don’t know where to start. We’ve created a multi-stage guide to help you on your home buying journey with expert tips, guidance and practical information. However, state grants all have specific end dates, please refer to your state government for the full details. Currently, there is no end date for the main first home owner grant scheme.
An exciting move, and we’re here for you every step of the way with the latest info and tips. Yes, there’s some lingo to wrap your head around, but before long, you’ll be on top of stamp duty concessions and the FHOG. The final decision on grants and amounts payable ultimately comes down to the Office of State Revenue. If you do not qualify for a full NSW property buyers grant, you will have to pay the stamp duty.
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