From 1 July 2023 eligible First Home Buyers in NSW will:
There have been no changes to the thresholds for the first-time buyers of vacant land which mean for them, no duty is payable on land valued at less than $350,000 and for land valued between $350,000 and $450,000 a concessional rate of duty will apply.
The FHBC was a scheme only recently introduced that allowed first home buyers a choice to pay an annual property tax or upfront stamp duty on properties with a purchase price up to $1.5 million. Whilst anyone who has already taken advantage of this scheme will not be affected, from 1 July 2023 it will no longer be available to first home buyers.
If you are eligible for first home buyers assistance, Avant Law can guide you through the application process and assist each step of the way. This service is part of our standard offering if you usefor your conveyancing needs.
If you have any questions or would like more information about how we can assist, please call 1800 867 113, or to organise a confidential discussion at a time that suits you, please click here
Lindsay McGregor is a lawyer and the Head of Property in our Avant Law team. He has been working in property related matters for over 20 years. He was previously a partner at a highly regarded national firm and has considerable experience in property transactions across Australia. He has previously acted for some of the country’s biggest property investors and developers and can use this experience to your advantage.
Disclaimer: The information in this article does not constitute legal advice or other professional advice and should not be relied upon as such. It is intended only to provide a summary and general overview on matters of interest and it is not intended to be comprehensive. You should seek legal or other professional advice before acting or relying on any of this content. The information in this article is current to 9 June 2023. Liability limited by a scheme approved under Professional Standards Legislation. Legal practitioners employed by Avant Law Pty Limited are members of the scheme. © Avant Mutual Group Limited 2023
Liability limited by a scheme approved under Professional Standards Legislation. Legal practitioners employed by Avant Law Pty Limited are members of the scheme.