Glossary · Australian property
First Home Buyers Assistance Scheme (NSW).
NSW state scheme that fully exempts first home buyers from stamp duty on purchases up to $800,000, with partial concession to $1,000,000.
FHBAS (administered by Revenue NSW under Section 65 Duties Act 1997 NSW) provides full stamp-duty exemption on new and established homes up to $800,000, with partial concession tapering to $1,000,000. Above $1M no FHB concession applies. Vacant land has separate thresholds (full exemption to $350K, concession to $450K) on the basis the buyer commits to building a PPOR.
Eligibility: 18+, Australian citizen or permanent resident, never previously owned residential property in Australia (or have but never lived in it for a continuous period of 6+ months. Caveat: ATO interprets 'never owned' strictly), intend to occupy as PPOR for 6+ months continuously starting within 12 months of settlement.
FHBAS stacks with the federal Home Guarantee Scheme (5% deposit, no LMI) for eligible buyers. The duty exemption plus LMI waiver compound the upfront-cost saving.
Source
Duties Act 1997 (NSW) s65; Revenue NSW administrative guide.
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