Buying Your First Home
Property Law & Conveyancing
First Home Conveyancing in Newcastle NSW
Congratulations! You’ve started the process of researching how to buy your first home and that is a big step.
Let our experienced property lawyers and licensed conveyancers at Burgess Thomson help you from here. We will guide you through the purchasing process to make the best decisions for you. We make things easy for you to understand and ensure the process keeps moving along in a timely manner.
Burgess Thomson was recently featured in the Newcastle Herald’s article about the First Home Buyers incentives:
Conveyancing For Newcastle First Home Buyers – November 2020
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Find out more about how we can help First Home Buyers Purchase Property.
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Buying a home can be one of the most significant events in your life. It can be stressful the first time around so you want to choose a property lawyer that you are comfortable will help you make the best decisions for you. The conveyancing lawyers and licensed conveyancers at Burgess Thomson make a formidable force when dealing with the first home conveyancing process.
Accessing Government Support For First Home Buyers
Financial support from the NSW State Government is available to first home buyers and comes in the form of the First Home Buyers Assistance Scheme and the First Home Owner Grant (New Homes) scheme.
The First Home Buyers Assistance Scheme offers eligible first home buyers a full or partial exemption on transfer duty. To be eligible, you must be an Australian citizen or permanent resident buying your first home that you will live in for a continuous period of at least 6 months within 12 months of settlement.
For first home buyers buying existing properties, there is a full transfer duty exemption on properties up to $650,000 and concessions on duty up to $800,000.
For new properties, there is a full transfer duty exemption on properties up to $800,000 and concessions on duty up to $1 million.
Burgess Thomson can complete all Revenue NSW documentation to assist first home buyers with this process.
As a first home buyer in NSW you may also be eligible for a $10,000 grant under the First Home Owner Grant (New Homes) scheme which is paid to you after settlement. To be eligible, you must be buying or building your first home, however the home has to be new with no one having lived in it.
To qualify, the purchase price of your new home must be no more than $600,000. If you’re buying land to build a new home, the total price – including the land and home – must be no more than $750,000.
The details of these programs change from time to time so we encourage you to visit the Revenue NSW website where you will get the most up to date information.
As a First Home Buyer you may also qualify for the Commonwealth Government’s First Home Loan Deposit Scheme, which allows you to purchase a property with only a 5% deposit and not have to pay lenders mortgage insurance.
For comprehensive advice on the grants and schemes available to you, please contact our office and we would be happy to discuss.
