Calculating Stamp Duty on your first home

Calculating Stamp Duty on your first home

A special guide for first home buyers on how they can calculate stamp duty.

What are the NSW stamp Duty Rates?

Property value Transfer duty rate
$0 to $14,000 $1.25 for every $100 (the minimum is $10)
$14,001 to $30,000 $175 plus $1.50 for every $100 over $14,000
$30,001 to $81,000 $415 plus $1.75 for every $100 over $30,000
$81,001 to $304,000 $1,307 plus $3.50 for every $100 over $81,000
$304,001 to $1,013,000 $9,112 plus $4.50 for every $100 over $304,000
Over $1,013,000 $41,017 plus $5.50 for every $100 over $1,013,000

What is NSW Stamp Duty ?

There are two kinds of assistance available for first home buyers which are made available for purchases within NSW.

Calculating Stamp duty for first home buyers

First Home Buyer’s Assistance Scheme

To qualify for the first home buyer’s assistance scheme, you must be purchasing property for the first time and must move into the property within 12 months and live there for at least 6 months continuously. You must be an Australian Citizen or Permanent Resident of at least 18 years old. If you are successful, you may receive a full or partial exemption for stamp duty under the first home buyer’s assistance scheme.

First Home Owners Grant

To qualify for the First Home Owners Grant, you must be purchasing or building your first home, it must be a newly constructed home with a market value of $750,000. To qualify as a first home buyer for the first home owners grant, you must be purchasing the first home you or your spouse have owned. You must move into the property within 12 months and live there for at least 6 months continuously. Additionally, you must be an Australian Citizen or Permanent resident of 18 years old. If you are successful, you will receive $10,000 towards the purchase price in addition to the First Home Buyers Assistance Scheme.

Are you Eligible for an exemption of NSW Stamp Duty?

You are eligible to apply if you are buying or building a new home, you may qualify for a $10,000 grant under the First Home Owner Grant (New Homes). The grant is available for: contract to buy a new home; building contract by the owner of the land; and owner of the land who is building their first home. However, the purchase price of the new home must not be more than $600,000 but if you are buying land to build your first home it must not be more than $750,000.

You may be eligible for a grant on your first home as an individual not a business or family trust, you also must be over 18 and at least 50% of the ownership must be an Australian citizen. You won’t be eligible for the grant if you or your spouse have previously owned a home or received a grant. Your must move into the house within 12 months of your purchase and live in it for 6 months continuously. If you are building your new home, then you must move in within 12 months of construction being complete.

A new home is a home that is being sold the first time and the house has never been lived in before you move in, including by the builder of tenant. A renovated home is capable of being a new home, but it would have to be substantially renovated before you buy it, most of the home would have to be removed or replaced and it has to be the first time the home has been sold after renovations. It must not have been lived in since being renovated, including by the builder or tenant.

How to Apply for a Grant or Exemption of Stamp Duty in NSW?

You may apply for the grant when you apply for finance through your bank, you can ask your mortgage broker for assistance. If you have purchased your home or have started construction, then you may send the application for the grant to RevenueNSW. You must apply within 12 months of the settlement date or upon the completion of the construction.

You can apply for the grant by using the approved application form, the form has all of the information you need to apply. You will need to include supporting documentation to support your application for the grant such as: Identity, copy of the contract which has been signed, proof that this is your first home this can be done by supplying an affidavit. If you are building your home you must provide council approval, building approval, contracts for the build, land valuation and occupational certificates.