Are you looking to purchase your first home in Australia?
If so, you may be eligible for the First Home Buyers Assistance Scheme (FHBAS). In this blog post, we will outline the requirements for eligibility to help you determine if you qualify for this helpful program.
To be eligible for the FHBAS, the contract date for your property must be on or after July 1st, 2017 and must be for the entire property. Additionally, at least one of the first home buyers must be an Australian citizen or permanent resident.
Furthermore, to qualify for this program, you must be an individual (not a company or trust) and over 18 years old. You and your spouse or partner must never have owned or co-owned residential property in Australia and must never have received an exemption or concession under this scheme.
How the FHBAS differs from the First Home Owner Grant?
The First Home Buyers Assistance Scheme (FHBAS) provides the concessional rate of transfer duty or exemption for first home buyers buying an existing home, a new home, or vacant land on which they intend to build a house.
While the First Home Owner Grant provides financial assistance to first home buyers, the FHBAS offers a concessional rate of transfer duty or exemption from paying it altogether. Additionally, the FHBAS applies to buy an existing home, a new home, and vacant land on which you intend to build a house, while the First Home Owner Grant only applies to buying or building a new home.
Here are two examples of situations where someone may be eligible for the FHBAS:
- A recent college graduate looking to purchase their first home may be eligible for the FHBAS if they are buying an existing or new home.
- A young couple who plans to build their first home on vacant land may also be eligible for the FHBAS.
Purchasing your first home can be an exciting but daunting experience. The First Home Buyers Assistance Scheme is designed to make this process easier for eligible individuals. We hope this information has been helpful in determining if you qualify for this program.
For more details, please go to Revenue NSW