Helping Australians Step into Property Ownership – A Legal Perspective from Platinum Lawyers

For many Australians, buying a first home is a major life goal — but rising property prices and economic uncertainty have made it increasingly challenging. Fortunately, there’s good news for first home buyers in New South Wales and across Australia.
Government initiatives, grants, and loan assistance programs are now available to make home ownership more achievable than ever before.

At Platinum Lawyers, our experienced property and conveyancing team has assisted countless first-time buyers in navigating these schemes. In this guide, we explain how government assistance works, who qualifies, and how our conveyancers and property lawyers can help you purchase your first home with confidence and peace of mind.

Why Government Assistance Matters for First Home Buyers

Over the past decade, the property market in Sydney and NSW has seen significant growth, placing financial pressure on first-time buyers. The Australian and NSW Governments have introduced various programs to:

• Help first home buyers save for a deposit

• Reduce or remove upfront costs like stamp duty

• Offer low-deposit or shared-equity options

• Encourage buyers to enter the market sooner

These initiatives are designed to level the playing field — making it easier for everyday Australians to own a home, rather than rent indefinitely.

Let’s explore the main assistance programs currently available for eligible buyers in NSW.

1. First Home Owner Grant (FHOG)

The First Home Owner Grant is one of the most well-known government incentives. It provides a one-off payment of up to $10,000 for eligible buyers purchasing a newly built home, apartment, or house-and-land package.

Eligibility requirements include:

• The property must be brand new (not previously lived in).

• It must be valued under $600,000, or $750,000 for a new build on vacant land.

• At least one applicant must occupy the home as their principal place of residence within 12 months of settlement.

• Applicants must be Australian citizens or permanent residents.

The FHOG can significantly reduce the financial stress of buying a new home, especially when paired with other available incentives.

(Source: NSW Government – Revenue NSW)

2. First Home Buyer Assistance Scheme (FHBAS)

The First Home Buyer Assistance Scheme helps reduce or completely eliminate stamp duty (transfer duty) costs. Depending on the property value, eligible buyers may pay no duty at all or receive a concessional rate.

As of 2024:

• No stamp duty applies for homes valued up to $800,000.

• Concessional duty applies for homes between $800,000 and $1 million.

• For vacant land, full exemption applies up to $350,000 and concessional rates up to $450,000.

Stamp duty is often one of the biggest upfront costs in property buying. Through this scheme, buyers can save tens of thousands of dollars — funds that can instead go toward their deposit or moving expenses.

(Source: NSW Government – First Home Buyer Assistance)

3. First Home Guarantee (FHBG)

Previously known as the First Home Loan Deposit Scheme, this program is administered by Housing Australia (formerly NHFIC). It allows first home buyers to purchase a property with as little as a 5% deposit, without paying Lenders Mortgage Insurance (LMI).

The government essentially acts as a guarantor for the remaining 15% of the deposit.

To qualify:

• Applicants must be first home buyers purchasing an eligible residential property.

• Individual income must be below $125,000 (or $200,000 for couples).

• The property price must be below the government’s regional price cap for your area.

This scheme helps buyers get into the market years earlier, avoiding the need to save a full 20% deposit.

(Source: Housing Australia – First Home Guarantee)

4. Family Home Guarantee (FHG)

The Family Home Guarantee supports single parents with at least one dependent child, allowing them to buy a home with just a 2% deposit, without LMI.

It applies to both first home buyers and single parents who may have previously owned property but no longer do.

For many single parents, this program has opened doors to secure housing and build equity for their families.

5. Shared Equity Home Buyer Helper (NSW)

The Shared Equity Home Buyer Helper, introduced by the NSW Government, allows eligible buyers to co-purchase a property with the government.

The government can contribute up to:

• 40% of the purchase price for a new home, or

• 30% for an existing home.

This contribution reduces your mortgage and deposit requirements. Buyers don’t pay rent on the government’s share and can buy out the government’s equity later.

Eligible buyers include:

• Single parents with dependents

• Single people aged 50+

• First home buyers who are key workers (teachers, nurses, paramedics, etc.)

(Source: NSW Government – Shared Equity Home Buyer Helper)

Combining Government Schemes for Maximum Benefit

Many first home buyers can combine multiple schemes to reduce overall costs. For example:

• A buyer may receive the $10,000 FHOG,

• Pay no stamp duty under the FHBAS,

• And qualify for the First Home Guarantee with a 5% deposit.

Our conveyancers at Platinum Lawyers regularly help clients assess their eligibility, complete the necessary applications, and structure their purchase to maximise these benefits.

Legal and Conveyancing Steps for First Home Buyers

While government incentives are an incredible help, the process of buying a home still involves several legal steps. Here’s where our conveyancing team plays a vital role.

1. Pre-Purchase Contract Review

Before signing anything, it’s critical that a qualified lawyer reviews the Contract for Sale. Our team examines the terms, special conditions, zoning, and potential risks to ensure your legal and financial interests are protected.

2. Property Searches

We conduct detailed searches, including title, zoning, council rates, and water certificates, to identify any encumbrances, easements, or disputes affecting the property.

3. Exchange of Contracts

Once negotiations are complete, we manage the contract exchange — ensuring both parties sign identical documents and that all required deposits and conditions are satisfied.

4. Cooling-Off Period

NSW law provides a 5-business-day cooling-off period for most residential contracts. During this time, buyers can withdraw with minimal penalty if any issues arise. Platinum Lawyers ensures you understand your rights throughout this stage.

5. Settlement

Settlement is when ownership officially transfers. We coordinate with your mortgagee, the vendor’s solicitor, and relevant authorities to ensure funds, keys, and legal documents are exchanged smoothly.

6. Post-Settlement Support

After settlement, our firm lodges all necessary paperwork with NSW Land Registry Services and provides you with your Certificate of Title. We retain your file securely for up to seven years for future reference.

How Platinum Lawyers Helps First Home Buyers

Buy smart, buy safe with expert legal advice

Buying your first home is exciting — but it can also be daunting. That’s why having an experienced legal partner makes all the difference.

At Platinum Lawyers, our team of property lawyers and licensed conveyancers are here to simplify the process from start to finish.

We provide:

• Fixed-fee conveyancing – no hidden costs or surprises

• Expert legal advice from lawyers with over 20 years’ experience

• Comprehensive contract review and negotiation

• Guidance on eligibility and applications for first home buyer schemes

• Efficient communication with real estate agents, brokers, and lenders

• Full transparency at every stage of your property transaction

Our goal is simple: to help you achieve the best possible outcome with confidence, affordability, and peace of mind.

Common Questions from First Home Buyers

1. Can I apply for more than one government grant?
Yes. Many buyers qualify for multiple schemes at once — such as the First Home Owner Grant (FHOG), stamp duty exemption, and First Home Guarantee.

2. Do I need a conveyancer or a lawyer?
A licensed conveyancer or property lawyer ensures your contract and title are legally sound. At Platinum Lawyers, our team includes both, providing full legal coverage for your transaction.

3. Can I buy an existing property?
Some schemes, like the Shared Equity Home Buyer Helper, allow for both new and existing homes. Others, such as the FHOG, apply only to new builds.

4. What if I’m buying with a partner?
You can still apply for most grants jointly, as long as both buyers meet the eligibility requirements.

5. Do I need to live in the home?
Yes. Most grants require you to occupy the home as your principal place of residence for at least six to twelve months after purchase.

6. How much deposit do I need?
With the First Home Guarantee, eligible buyers can purchase with as little as 5% deposit — and without paying Lenders Mortgage Insurance (LMI).

7. Can I use the grant as part of my deposit?
Yes, the First Home Owner Grant can be used toward your deposit or upfront costs, depending on your lender’s policy.

8. What costs should I budget for besides the deposit?
You’ll need to account for legal fees, building inspections, insurance, and moving costs, plus any stamp duty not covered by exemptions.

9. What happens if I move out before the required period?
You may have to repay part or all of the grant or face penalties. Always seek legal advice before making changes to your occupancy.

10. How do I know if I’m eligible for assistance?
Eligibility varies by state and program. Factors include citizenship, income, property value, and whether you’ve owned property before.

11. Can I buy land first and build later?
Yes — for the FHOG and some state schemes, you can buy vacant land and then build within a set timeframe (usually 12–24 months).

12. How can Platinum Lawyers help?
We guide first home buyers through every legal and contractual step — from reviewing contracts to applying for grants — ensuring your purchase is secure, compliant, and stress-free.

Why Choose Platinum Lawyers for Conveyancing in Sydney

• 

  Simple. Low Cost. Low Risk.

• Fixed-fee conveyancing with no hidden charges

• Over 20 years of experience in property law and conveyancing

• Offices conveniently located in Sydney CBD and Parramatta

• A trusted team led by Director Robert Nasr

• Proven record of achieving optimal client outcomes

We take pride in offering a personalised and affordable service while maintaining the highest professional standards. From your first consultation to the day you collect your keys, we’ll be by your side every step of the way.

Turning Homeownership Dreams into Reality

Government assistance programs have transformed the landscape for first home buyers in NSW, providing financial relief and real opportunities to enter the market. However, understanding eligibility rules, legal obligations, and the conveyancing process can be complex.

That’s where Platinum Lawyers comes in. With our expert conveyancing services, fixed-fee pricing, and deep understanding of NSW property law, we make your first home purchase simple, safe, and successful.

📞 Contact Platinum Lawyers Today

If you’re planning to buy your first home, our property lawyers and conveyancers are ready to guide you through every stage.

📍 Sydney CBD & Parramatta Offices
📞 Call (02) 8084 2764
🌐 Visit www.platinumlawyers.com.au

Let Platinum Lawyers help you secure your dream home — with clarity, confidence, and complete legal protection.

When we have an excessive need for affirmation, we can sometimes try to extract it from the very person who gives it to us. Understanding this underlying dynamic is essential if we want to address and ultimately stop domestic violence.

Domestic violence is never justifiable. Yet, what drives such behaviour is often less astonishing than the act itself. According to Psychology Today, author Hara Estroff Marano notes that one key cause of domestic violence is the overwhelming need for affirmation—a need that, when unmet, can manifest as rage, control, or abuse.

Recognising the root of domestic violence is only the first step. Ensuring victims are protected and supported is where the law, and experienced lawyers, play a critical role.

Support and Protection for Those Facing Domestic Violence

Domestic violence remains one of the most pressing social issues in Australia. The statistics paint a sobering picture:

• 1 in 6 women and 1 in 16 men have experienced physical or sexual violence from a partner since the age of 15 (Australian Institute of Health and Welfare).
• On average, one woman per week is killed by a current or former partner (Our Watch).
• In 2022, over 116,000 family and domestic violence-related assaults were reported to police nationwide (Australian Bureau of Statistics).
• Migrant women and new arrivals are often at higher risk due to a lack of awareness about Australian laws and available support services (Australian Government – Department of Social Services).

These numbers highlight the urgent need for both awareness and legal intervention.

Understanding Coercive Control – The Hidden Side of Abuse

Domestic violence is not always physical. Coercive control is now recognised as one of the most dangerous forms of abuse, often acting as a precursor to physical violence. It involves repeated behaviours that dominate, isolate, and instil fear in a partner.

Examples include:

• Monitoring phone calls, messages, or movements
• Restricting access to money, transport, or essential needs
• Isolating a partner from friends or family
• Using threats, humiliation, or intimidation
• Controlling daily routines and decisions

In July 2024, NSW became the first state to criminalise coercive control under the Crimes Legislation Amendment (Coercive Control) Act 2022. This means it is now a criminal offence for a current or former intimate partner to use these patterns of abuse.

📖 Source: NSW Government – Criminalising Coercive Control

Sydney Suburbs with Notable Domestic Violence Rates

Domestic and family violence rates remain a serious concern across New South Wales, with some regions experiencing significantly higher levels than others. Regional areas such as the New England and Northwest continue to record some of the highest domestic and family violence assault rates per capita, while in metropolitan Sydney, North Sydney and Hornsby have been identified as having elevated rates compared with other city regions. Within Sydney suburbs, several areas have shown alarming upward trends: the Sutherland Shire reported a 47.5% increase in domestic violence-related assaults between 2018 and 2022, while Baulkham Hills and the Hawkesbury recorded a 40.2% rise over the same period. The Inner West also saw a 31.1% increase in reported incidents, highlighting a consistent escalation. These patterns demonstrate that while domestic violence affects communities across the state, certain regions and suburbs face especially acute challenges, underscoring the need for targeted support, prevention, and intervention strategies.

Areas Identified as Very High or Increasing Fast

Here are some suburbs / regions flagged by recent reports:

1. Mount Druitt (Postcode: 2770)

• Overview: Mount Druitt has consistently reported the highest number of domestic violence incidents in Sydney.
• Contributing Factors: Economic challenges, social disadvantage, and higher concentrations of public housing contribute to the elevated rates.
• Recent Trends: While specific recent data is limited, historical trends indicate a persistent concern in this area.

2. Sutherland Shire (Postcodes: 2230–2234)

• Overview: The Sutherland Shire recorded a significant 47.5% increase in domestic violence-related assaults between 2018 and 2022.
• Recent Trends: This suburb has seen a notable rise in reported incidents, highlighting a growing concern.

3. Baulkham Hills (Postcode: 2153)

• Overview: Baulkham Hills experienced a 40.2% increase in domestic violence-related assaults over a four-year period.
• Recent Trends: The suburb has seen a significant rise in reported incidents, indicating a need for increased awareness and intervention.

4. Inner West (Postcodes: 2041–2046)

• Overview: The Inner West recorded a 31.1% increase in domestic violence-related assaults between 2018 and 2022.
• Recent Trends: This area has seen a steady rise in reported incidents, suggesting a need for targeted support and resources.

5. Southwest Sydney (Postcodes: 2170–2176)

• Overview: The South West region experienced a 14.3% increase in domestic violence-related assaults over a four-year period.
• Recent Trends: While the increase is moderate, it still reflects a concerning upward trend in reported incidents.

6. Inner Southwest Sydney (Postcodes: 2200–2205)

• Overview: This area saw a 13.3% increase in domestic violence-related assaults between 2018 and 2022.
• Recent Trends: The rise in reported incidents underscores the need for enhanced community support and legal interventions.

7. Blacktown (Postcode: 2148)

• Overview: Blacktown is among the suburbs with higher rates of domestic violence-related assaults.
• Contributing Factors: Factors such as lower household income levels, higher unemployment, and larger concentrations of public housing contribute to the elevated rates.

8. Bankstown (Postcode: 2200)

• Overview: Bankstown has reported a significant number of domestic violence-related incidents.
• Recent Trends: The suburb has seen a notable rise in reported incidents, highlighting a growing concern.

9. Parramatta (Postcode: 2150)

• Overview: Parramatta has experienced an increase in domestic violence-related assaults over recent years.
• Recent Trends: The area has seen a steady rise in reported incidents, suggesting a need for targeted support and resources.

10. Penrith (Postcode: 2750)

• Overview: Penrith is among the suburbs with higher rates of domestic violence-related assaults.
• Contributing Factors: Factors such as economic challenges and social disadvantage contribute to the elevated rates.

11. Campbelltown (Postcode: 2560)

• Overview: Campbelltown has reported a significant number of domestic violence-related incidents.
• Recent Trends: The suburb has seen a notable rise in reported incidents, highlighting a growing concern.

12. Sutherland Shire (Postcode: 2230)

• Overview: The Sutherland Shire recorded a significant 47.5% increase in domestic violence-related assaults between 2018 and 2022.
• Recent Trends: This suburb has seen a notable rise in reported incidents, highlighting a growing concern.

Source: LiSTNR Articles, Parliament of NSW

Can You Give What You Don’t Have Yourself?

Research into domestic violence has revealed a key insight: often, perpetrators of violence are seeking affirmation and support that their partners cannot provide at a specific point in time.

When this need is unmet, it can escalate to emotional, social, spiritual, or physical abuse. For new immigrants to Australia, understanding local laws is vital, as actions like restricting movement or denying access to children or finances are considered abuse under Australian law.

Victims do not have to tolerate abuse. Every person has the right to safety, freedom, and dignity guaranteed by society and the law.

Domestic Violence Lawyers Sydney – Protection and Justice

For victims of domestic violence, the legal system provides essential protections. In situations of immediate danger, contacting police is the first step, as their primary role is to secure your safety.

Once safety is established, expert legal guidance is critical. A firm like Platinum Lawyers can help you understand your legal options, including applying for an Apprehended Violence Order (AVO).

What Is an Apprehended Violence Order (AVO)?

An AVO is designed to protect victims from ongoing physical, emotional, or social abuse. You can obtain an AVO against:

• A current or former partner
• Someone you have been in an intimate relationship with
• Neighbours or individuals harassing you through stalking or intimidation

Importantly, if you wish to continue living with a partner but need legal protection, an AVO can be arranged to suit your circumstances.

How Platinum Lawyers Can Help

Facing domestic violence can feel overwhelming. At Platinum Lawyers, victims receive not only expert legal advice but also compassionate support throughout the entire process. With coercive control now a criminal offence in NSW (since July 2024), victims need clear guidance on their rights and the protections available. At Platinum Lawyers, we combine our family law and criminal law expertise to ensure clients facing coercive control are fully supported.

Here’s how we help:

FAQs – How Platinum Lawyers Protect You

1. How can Platinum Lawyers help victims of domestic violence?
   We provide urgent legal advice, assist with AVO applications, and represent clients in court to ensure safety and rights are protected.
2. Can Platinum Lawyers help with an AVO?
   Yes. We specialise in urgent and long-term AVO applications.
3. Do you represent both women and men?
   Absolutely. Domestic violence affects all genders, and our services are available to everyone.
4. Can you help clients leave an abusive relationship?
   Yes. We guide clients on their rights, organise urgent protection orders, and assist with family law matters like custody, property, and financial support.
5. What if I want to stay with my partner but need protection?
   We can secure an AVO that allows you to live together while protecting you from abuse.
6. Are consultations confidential?
   Yes. Privacy and sensitivity are a core part of our service.
7. How quickly can Platinum Lawyers act in emergencies?
   We provide same-day advice and urgent legal applications for clients in danger.
8. How can Platinum Lawyers help with coercive control?
   Platinum Lawyers provide urgent legal advice, assist with Apprehended Violence Orders (AVOs), represent clients in court, and guide victims through the new 2024 NSW coercive control laws. They also handle related family law issues like custody, property, and financial disputes.
9. Can Platinum Lawyers assist with child custody or property matters affected by coercive control?
   Absolutely. They manage family law matters alongside protection orders to ensure safety and fair outcomes for children and property.
10. Can you assist with child custody and safety?
    Yes. We handle parenting orders and custody arrangements to ensure children are safe.
11. Do you coordinate with police and support services?
    Yes. Collaboration strengthens your case and ensures protection.
12. Do you help new immigrants understand Australian law?
    Yes. We provide multilingual support and clear explanations of legal rights.
13. What makes Platinum Lawyers different?
    Over 20 years of experience, a 99% success rate, and a compassionate, client-focused approach.
14. How do I contact Platinum Lawyers?
    Call (02) 8084 2764 or submit an enquiry online for a confidential consultation.

Why Platinum Lawyers Are Trusted in High-Risk Suburbs

Domestic violence is often underreported, especially in suburbs with higher rates. Platinum Lawyers have built a reputation in high-risk Sydney suburbs such as:

• Mt Druitt
• Bankstown
• Blacktown
• Parramatta
• Penrith
• Campbelltown
• Sutherland Shire

With over 20 years of experience, we combine legal expertise with sensitivity, ensuring victims are not only legally protected but also supported emotionally.

Platinum Lawyers’ Approach

• Compassionate Legal Support: Every client is treated with care and understanding.
• Local Knowledge: Familiarity with courts, police, and support services in Sydney suburbs.
• Comprehensive Services: From AVOs to family law, property, and financial matters.
• Confidentiality: Protecting your privacy is our top priority.

Additional Resources

At Platinum Lawyers, we encourage clients to access reliable information:

• Attorney-General’s Department – Coercive Control in Family and Domestic Violence
• AIHW – Family, Domestic and Sexual Violence Overview
• Services Australia – What is Family and Domestic Violence?
• Family Violence Law Help – Understanding Domestic and Family Violence

Platinum Lawyers: Your Partner in Safety and Justice

In high-risk suburbs, victims of domestic violence rely on our expertise to navigate complex legal processes with confidence and dignity. Our goal is simple: achieving optimal client outcomes while ensuring safety and protection.

If you are facing domestic violence in Sydney, you do not have to face it alone. Contact Platinum Lawyers today for a confidential consultation:

• Phone: (02) 8084 2764

Protect yourself, protect your children, and take the first step toward safety with Platinum Lawyers—the trusted legal experts in Sydney’s high-risk suburbs.

Stamp Duty News Sydney

50% off Stamp Duty

On all newly built homes up to $600,000

Now first home owners aren’t the only ones who get help buying a new home.

As part of its economic stimulus plan, the New South Wales Government is helping all eligible buyers of newly built homes up to $600,000, cutting stamp duty by 50%.

Save up to $11,245.

First Home Benefits

If you are buying or building your first home, you may be eligible for benefits under the First Home Owner Grant Scheme, NSW First Home Buyers Supplement, Australian Government First Home Owner Boost and the First Home Plus Scheme.

The Schemes were established to assist eligible first home owners by offering a total benefit of up to $41,990.

The First Home Owner Grant Scheme and the NSW First Home Buyers Supplement are fully funded by the NSW Government and together with the Boost are administered by the Office of State Revenue.

Feel free to contact one of our Conveyancing Lawyers for further information.

Level 2, 275 Clarence Street, Sydney NSW 2000
Phone: (02) 8084 2764.  | Fax: (02) 8079 6843
Email: robert.nasr@platinumlawyers.com.au
Web: www.platinumlawyers.com.au

This article is not legal advice and not intended as legal advice. This article is intended to provide only general, non-specific legal information.

Grandparents’ Rights to See Their Grandchildren – What Does the Law Have to Say About It?

The bond between grandparents & grandchildren is special & quite unlike any other relationships. What happens when that bond, that connection between a grandparent and their grandchild, is threatened or severed? What rights do grandparents have, in the eyes of law, to see their grandchildren?
When parents decide to end their marriage by getting a divorce, it could sometimes adversely affect the grandparent-grandchild relationship as well. If a parent does not allow the grandparents access to their grandchildren, can the court intervene?

The Family Law Amendment Act 2006

The Family Law Amendment Act 2006 brought about important changes to the Family Law Act. One such change was that “children have a right to spend time on a regular basis with, and communicate on a regular basis with, both their parents and other people significant to their care, welfare and development, including grandparents.”
What this means is that, if your relationship with your grandchildren is deemed essential for their wellbeing & development, then the court will take that into consideration when making decisions about the child’s living arrangement & visitation rights.

What Can You Do to Protect Your Relationship with Your Grandchildren?

Of course, there are things you can do to protect your relationship with your grandchildren.

Request to Be Included in A Parenting Plan

A Parenting Plan is basically a written agreement, signed by both parents. Most Parenting Plans discuss the children’s living arrangements, how important decisions regarding the child’s life will be made, & who the child/children communicate & spend time with. If you’re worried about how your adult child’s divorce will affect your relationship with your grandchildren, you can request to be included in the Parenting Plan. Clear guidelines can be set out as to the communication between you & the grandchildren & your rights to visit them or to have them visit you on a regular basis. Doing this will give everyone clarity & can help avoid a lot of friction & stress between concerned parties. Please note that Parenting Plans are not legally binding, although the courts will take them into consideration while making their ruling.

Getting a court order

In the absence of a Parenting Plan or when one or both parents refuse to allow grandparents access to their grandchildren, grandparents can apply to get a court order. Grandparents can cite that their relationship with the grandchildren is crucial for the children’s “care, welfare and development”, and hence they should be allowed to see, communicate & spend time with their grandchildren.

The Property Tax (First Home Buyer Choice) Bill 2022 was approved on Friday, 11 November 2022 – Act No 60.  This Act enables first-home buyers to be given a choice to either pay an annual property tax or the upfront cost of stamp duty.

The Property Tax Bill 2022 only Applies to First-home Buyers That Must Meet The Following Eligibility Requirements:

• you must be an individual (not a company or trust)
• you must be over 18 years old
• you, or at least one person you’re buying with, must be an Australian citizen or permanent resident
• you or your spouse must not have previously:
  • owned or co-owned residential property in Australia
  • received a First Home Buyer Grant or duty concessions.
• the property you are buying must be worth less than or equal to $1.5 million
• you must move into the property within 12 months of purchase and live in it continuously for at least 6 months
• you must sign the contract of purchase on or after 11 November 2022 (see below for details).

The Property Tax Bill 2022 aims to lower the upfront costs of owning a home for First Home Buyers and practical moves to increase home ownership in New South Wales.

Addressing The Declining Home Ownership Rates

The new taxation policy addresses the prevailing issue of declining home ownership throughout the New South Wales region. This problem has been ongoing since the 1990s with increasing real estate prices and the added tax burdens.

Only 64% of the New South Wales population owns their own home. The steady decline is evident among young families and the younger generation within the lower income bracket.

The new legislation is said to make it easy for first-home buyers to acquire a property. It removes the obligation of paying the stamp duty upfront, which will lower the upfront costs and cut at least two years of their time in saving for their home.

Current concessions for stamp duty are accessible to first-home buyers with a cap limit of $800,000. With the expansion of the property tax system, the new tax option will become available to those seeking broader coverage, or 97% of first-time home buyers, or roughly 57,000 people every year. The property tax option will be available for properties for up to $1.5 million.

Empowering Young Families and First Home Buyers

New South Wales’s move to allow first home buyers to opt by paying the upfront stamp duty or paying an annual property tax. The options are as follows:

• (a) paying the usual amount of stamp duty based on the dutiable value of your property; or
• (b) paying an annual property tax based on the land value of the property.

It will not only ease the financial burden for young families but also empower the younger generation to put their money into property. This change will significantly impact Australia’s economic growth and boost the dwindling real estate market.

Housing demands are expected to build economic security, foster financial independence, and allow younger families greater freedom. In addition, this reform offers New South Wates residents better means of purchasing their first homes without experiencing higher penalties or having the property foreclosed.

Choosing Between Property Tax or Stamp Duty

The legislation has already passed the NSW Parliament and is a step closer to becoming accessible to New South Wales residents. It is expected to officially start in January 2023, with grantees purchasing their property from 12 November onwards.

Anyone approved within the allotted transition period can get their money returned on their stamp duty if they opt for the yearly tax instead. Under this new program, individuals and families seeking to buy their homes for the first time can choose to pay an annual tax of $400 plus the 0.3% land value.

For example, a first-time home buyer purchasing an $830,000 home in Sydney with a $265,000 land value can either pay the upfront cost of $32,440 stamp duty or opt for the yearly $1,195 yearly property tax.

The same goes for an individual purchasing a Sydney house amounting to $1,350,000 with $810,000 land value. They can opt to pay the $59,129 lump sum or spread their payments into annual repayments of $2,830.

Choosing between the stamp duty payment or yearly property tax is a matter of personal fit and financial capacity. First-time home buyers generally keep their houses longer than 10 years, which gives them enough time to repay the government of their tax dues.

How Does The First Home Buyer Choice scheme work?

The legislation has already passed the NSW Parliament and is a step closer to becoming accessible to New South Wales residents. It is expected to officially start in January 2023, with grantees purchasing their property from 12 November onwards.

Anyone approved within the allotted transition period can get their money returned on their stamp duty if they opt for the yearly tax instead. Under this new program, individuals and families seeking to buy their homes for the first time can choose to pay an annual tax of $400 plus the 0.3% land value.

For example, a first-home buyer purchasing an $830,000 home in Sydney with  $265,000 land value can either pay the upfront cost of $32,440 stamp duty or opt for the yearly $1,195 yearly property tax.

The same goes for an individual purchasing a Sydney house amounting to $1,350,000 with $810,000 land value. They can opt to pay the $59,129 lump sum or spread their payments into annual repayments of $2,830.

Choosing between the stamp duty payment or yearly property tax is a matter of personal fit and financial capacity. First-home buyers generally keep their houses longer than 10 years, which gives them enough time to repay the government.

How Much the NSW Government is Putting Into The Housing Scheme

According to the Treasury Office of New South Wales, the government is allocating $728.6 million stretched over the next four years to entice young families and individuals to buy their first homes. The First Home Buyer Choice scheme reduces the upfront costs needed for purchase and the time required to save on the initial deposit.

If you are a first-home buyer and looking for a property law firm that can act on your behalf of you during the buying process then Platinum Lawyers can help.

Call us at (02) 8084 2764 or enquire online