From 1 July 2023, the First Home Buyer Assistance Scheme (FHBAS) has expanded wherein the transfer duty exemption threshold for new and existing home purchases by eligible first home buyers will increase from $650,000 to $800,000, and the concessional rate will increase from $800,000 to $1 million.

Customers who have opted into FHBC will continue to pay property tax for as long as they own that property and will remain exempt from transfer duty on that purchase. First homebuyers purchasing a home for $1 million or more on or after 1 July 2023 are ineligible for transfer duty exemptions or concessions and will be required to pay transfer duty. For more information, please visit the Revenue NSW website.