Congratulations on taking the first steps towards buying your own home! As a first-time buyer, the process can feel overwhelming, with a sea of legal jargon, complex paperwork, and numerous steps to complete.
At Coastwide Conveyancing, we specialise in making the conveyancing process for first home buyers in Shellharbour simple, transparent, and stress-free. We’ll help you understand the legal aspects of buying a property and discuss your eligibility for important Government grants or concessions.
We’ll be your legal representative, handling the process and documentation, and your guide, explaining each step in plain language and ensuring you feel confident and in control. We want to empower you with the knowledge you need to make informed decisions from day one.
You can find more general information about buying a property here.
Eligibility for Grants and Concessions
Getting into the property market can be challenging, particularly under current conditions. A significant benefit for first-time buyers in NSW is the potential for eligible individuals to save thousands of dollars through government schemes.
First Home Buyer Assistance Scheme (FHBAS)
The First Home Buyer Assistance Scheme (FHBAS) offers full or partial exemptions from transfer duty, also known as stamp duty. For new and existing homes, a full exemption applies to properties valued up to $800,000. If the property is valued between $800,000 and $1 million, you may be eligible for a concessional rate of duty.
For those buying vacant land to build on, there is a full exemption for land valued up to $350,000, with a concessional rate available for land valued between $350,000 and $450,000. These thresholds can make a substantial difference to your upfront costs.
First Home Owner (New Homes) Grant
Another valuable resource is the First Home Owner (New Homes) Grant. This is a one-off $10,000 grant available when you buy a new home or build your first home. A new home can be a newly constructed house, a unit, an off-the-plan purchase, or a substantially renovated property that has not been lived in.
The grant has its own property value caps: for a new home, the purchase price must not exceed $600,000. If you are buying land and entering a building contract, the total combined cost of the land and the build must not exceed $750,000. This grant can be a crucial boost to your savings and is often used to help with your deposit or other purchase costs.
Please note that these schemes are subject to change over time, so it is important to stay updated on current opportunities. For more information on available grants and the eligibility criteria, you can visit Revenue NSW.
Ready to Start Your First Home Buying Journey?
From contract exchange through to settlement, we will be your dedicated advocate. We’ll handle the flow of communication with the seller’s conveyancer, your bank, and the real estate agent. We will manage the paperwork, ensuring all documents are lodged correctly and on time.
We’ll also guide you through practical steps like arranging your pre-settlement inspection so you can ensure the property is in the agreed-upon condition before you take ownership.
We understand the importance of clear communication, and we’ll keep you updated on the progress of your purchase, so you always know where you stand. Our mission is to take the stress out of the process, leaving you free to focus on the excitement of getting the keys to your first home.
Call us today for a friendly chat about your home ownership plans and how to make the most of the government assistance available to you. Phone 02 4295 3047 or email [email protected].