As many of you would know, the conditions in the real estate market today are excellent for first home buyers.If you are a first-time buyer, you may be entitled to an exemption from paying stamp duty altogether all a concession/reduction on that stamp duty depending on the purchase price of your property. The current scheme is known as the First Home Buyers Assistance Scheme (FHBAS).As a first home buyer, you may be eligible for a the stamp duty concession or exemption.
• If your home is valued at less than $650,000, you can apply for a full exemption so that you don’t have to pay transfer duty.
• If the value of your home is between $650,000 and $800,000, you can apply for a concessional rate of transfer duty. The amount you’ll have to pay will be based on the value of your home.The FHBAS applies to vacant land on which you plan to build your home.
• You won’t pay any tamp duty if your land is valued at less than $350,000.
• For land valued between $350,000 and $450,000, you’ll receive a concessional rate.

In addition, if you are buying or building a new home you may be eligible for a $10,000 grant under the First Home Owner Grant (New Homes) Scheme.

To determine if you are eligible contact eConveyancing Sydney on