First Home Buyers

Searching for your first home or investment property? Let CM Lawyers, the Investors Choice Winner for Best Conveyancer in NSW, be your guide to your first home buyers experience.

Looking to enter the property market for the very first time? Buying your first home is right up there with the most important decisions – and purchases – of your life. It’s not a decision you can make without appropriate financial planning and thorough market research. At CM Lawyers, our team of award-winning conveyancers assist clients across Sydney who are purchasing their first home to ensure that the process is as smooth as possible. It is your time to be first home buyers.

"I have known Alex, Christine and the team at CM Lawyers for many years and highly recommend them to clients. They are professional, ethical, honest and reliable. They won't disappoint anyone who uses their services." Mary, A.L, Real Estate Professional

Wondering how you can save? Take a look at the First Home–New Home grant scheme.

The New South Wales Office of State Revenue has a First Home – New Home grant scheme which provides eligible purchasers with exemptions from transfer duty on new homes valued up to $550,000 and concessions for new homes valued between $550,000 and $650,000. Eligible purchasers who buy a vacant block of land to build their home on will pay no duty on vacant land valued up to $350,000 and will receive concessions for vacant land valued between $350,000 and $450,000.

The criteria for eligibility for the duty concession or exemptions entail that:

• At least one buyer must be an Australian citizen or permanent resident
• The agreement must be for the purchase of the whole property
• You must be a natural person (not a company or trust)
• You must be over 18
• You or your partner have not previously owned property in any form in any State or Territory of Australia
• At least one purchaser must occupy the home within 12 months and needs to live in the home for a continuous period of at least 6 months.

Buying your first home is an important step–financially and emotionally. Our team provide you with the knowledgeable advice and contacts to help ensure that your first experience as a homeowner is a positive one. Fill out a contact form or give us a call, and start a conversation.

The First Home Owner Grant (New Homes) scheme

The Office of State Revenue also offers New South Wales residents with a First Home Owner Grant (New Homes) scheme, which was established to assist first homeowners to purchase a new home or build their home by offering a $15,000 grant.

The Scheme applies to new homes only – that is:

• A home that has not been previously occupied, including occupation by the builder, a tenant or other occupant
• A home that has not been previously sold as a residence. Where the home is being purchased, it must be the first sale of that home
• A home that has been substantially renovated and a home build to replace demolished premises

"Being a real estate agent, I speak to a lot of solicitors. CM lawyers are my first and only choice when it comes to professionalism and satisfaction. Alex and Christine are not just lovely people, they are also the best at what they do." Paul T, Real Estate Professional

The scheme applies to new homes only, houses or apartments, and is scheduled to be reduced to $10,000 on 1 January 2016. To be eligible for the $15,000 grant before 1 January 2016, the following criteria applies:

• The contract date must be on or after 1 October 2012
• The home is a brand new home
• You are over 18
• You or your spouse (including de facto spouse) has never held a relevant interest in any residential property in Australia prior to 1 July 2000.
• However, you may be eligible if you or your spouse, including de facto spouse, have only had a relevant interest in any residential property in Australia on or after 1 July 2000 and you have not resided in that property for a continuous period of at least 6 months.
• The value of the property must not exceed the First Home Owner Grant Cap of $650,000 for contracts dated between 1 October 2012 to 30 June 2014
• The value of the property must not exceed the First Home Owner Grant Cap of $750,000 for contracts dated on or after 1 July 2014
• You have not received a first home owners grant in any State or Territory, unless subsequently repaid
• You need to live in the home for a continuous period of at least 6 months
• At least one applicant is a permanent resident or Australian citizen
• Each applicant must be a natural person and not a company or trust.

For more information on eligibility for the Scheme, please visit the Office of State Revenue website.

Applications for the First Home Owner Grant (New Homes) scheme must be lodged within 12 months of completion or settlement of your new home.

The conveyancing team at CM Lawyers can assist you with lodging your application and documents with the Office of State Revenue. Simply fill out a contact form to begin lodging your application. 

First Home Buyers Contracts

When you’ve got your eyes on a property and have made an offer on it, contact CM Lawyers to assist you with the process. Before you sign the contract and pay the deposit, ask the real estate agent to give you a copy of the contract to forward on to our conveyancers. We will review the contract and assist you with: giving you contract review feedback, seeking amendments to the contract as required, liaising with your financial institution, attending settlement and beyond.

CM Lawyers provide complete conveyancing solutions for our Sydney clients purchasing their first home, keeping your legal interests in mind. Our conveyancers will review the contract, explain the process to you and keep you well informed at every step of the way until settlement.

Let the benefit of our experience work in your favour; we have years of experience in assisting clients in Sydney’s Inner West and beyond.