First Home Buyer Stamp Duty Concession Wollongong, NSW, The 2026 Guide
Transfer duty is one of the largest upfront costs you'll face as a first home buyer in Wollongong, and it's the one most people don't see coming until they're already under contract. The good news is that NSW's first home buyer concession removes it entirely for most purchases in this area, and reduces it significantly for properties between $800,000 and $1,000,000.
Whether you're looking at a unit in Corrimal, a house in Dapto, or something further south toward Albion Park, understanding exactly where the thresholds sit changes how you structure your deposit and what you actually need to save. For many buyers in the Wollongong area, the concession is worth tens of thousands of dollars, and it applies to both new and established homes.
The team at SimpleFin works with first home buyers across Wollongong, NSW every week, comparing options across 60+ lenders. The deposit, the concession and the loan structure all connect, and getting them right together is where the real difference is made.
Key takeaways
- Full duty exemption applies to first homes purchased up to $800,000.
- The concession covers both new and established homes in NSW.
- A citizenship or residency condition has applied from 1 August 2026.
What is the first home buyer stamp duty concession in Wollongong, NSW?
NSW's First Home Buyers Assistance Scheme (FHBAS) removes transfer duty entirely for eligible first home buyers purchasing up to $800,000, and applies a reduced, concessional rate on purchases between $800,001 and $1,000,000. At a median house price of $1,300,000 across Wollongong as a whole, the concession is most relevant for buyers targeting units or the more affordable suburbs in the area, where most stock still sits under the threshold.
How does the NSW transfer duty concession actually work for first home buyers?
The FHBAS works by exempting eligible buyers from paying any transfer duty on homes priced up to $800,000, and applying a sliding concession for purchases between $800,001 and $1,000,000. Above $1,000,000, full transfer duty applies with no relief. Revenue NSW processes the application at settlement, and the saving does not come back as a cheque - it simply means you owe nothing, or a reduced amount, at the time the property transfers into your name.
The concession applies to both new and established homes, which is one of the features that makes NSW's scheme more flexible than some other states. There is no separate new-home rate - the $800,000 threshold covers all residential property types equally under FHBAS. Vacant land to build a first home is treated differently: the full exemption applies up to $350,000, with a concession band running to $450,000.
Most first home buyers we speak with assume stamp duty is a given - something they need to budget for on top of everything else. When we show them that the FHBAS wipes it entirely for purchases under $800,000, it often changes what they think they need to save, and what they can realistically buy.
Greg Cooke · Director and Finance Broker, SimpleFin · Chat to Greg →
What eligibility criteria apply to the NSW first home buyer duty concession?
To qualify under FHBAS, you need to meet a specific set of conditions, all of which are verified by Revenue NSW at settlement. Meeting most but not all of them means you pay full duty, so it's worth confirming your position before you exchange contracts.
What the FHBAS requires:
- › First home buyer status: none of the applicants can have previously owned residential property in Australia, in whole or in part.
- › Citizenship or residency: at least one applicant must be an Australian citizen or permanent resident. This condition tightened from 1 August 2026 - verify your status with Revenue NSW if there is any uncertainty.
- › Move-in requirement: at least one buyer must move in within 12 months of settlement and live in the property as their principal place of residence.
- › Purchase price: the purchase price must be $1,000,000 or under to receive any concession; the full exemption applies up to $800,000.
- › Residential property: the property must be used for residential purposes - it cannot be vacant land being purchased without a build intent, and it cannot be commercial property.
Source: Revenue NSW.
How much does the concession save first home buyers in Wollongong?
On a $750,000 purchase, the FHBAS saves you the full transfer duty that would otherwise apply - a meaningful sum at that price point. On a purchase between $800,001 and $1,000,000, you pay a concessional rate rather than the full sliding scale, which still represents a significant reduction. Above $1,000,000, the concession disappears entirely and full duty applies from the first dollar.
CoreLogic data shows Wollongong's median unit price at $740,000 and the median house price at $1,300,000. That split is important: for buyers targeting houses across most of the area, the median sits well above the $1,000,000 ceiling, meaning the concession may not apply. Units are a different story - at $740,000, the median unit price sits just under the full exemption threshold, making units the natural entry point for FHBAS-eligible buyers in the area. More affordable suburbs change the picture: house medians in Dapto ($830,500), Koonawarra ($767,500) and Unanderra ($880,000) sit within or near the concession bands, giving buyers in those areas a realistic path to a house purchase with full or partial duty relief.
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What government schemes can first home buyers in Wollongong combine with the duty concession?
The FHBAS duty concession stacks with the federal First Home Guarantee and the First Home Owner Grant, which is one of the reasons getting the combination right matters so much. Each scheme has its own eligibility rules, but they are not mutually exclusive for most buyers.
The schemes worth knowing about:
- › First Home Buyers Assistance Scheme (FHBAS): the transfer duty concession itself. Full exemption to $800,000, concessional rate to $1,000,000, nothing above that.
- › First Home Guarantee (5% Deposit Scheme): 5% deposit, no LMI, no income test. The Illawarra price cap is $1,500,000, which covers virtually every property eligible for the FHBAS in this area.
- › Family Home Guarantee: 2% deposit for single parents, no LMI, no first home buyer status required. Same $1,500,000 Illawarra cap applies.
- › First Home Owner Grant:$10,000 for new homes only, capped at $600,000 for a completed home or $750,000 for land plus build. Does not apply to established homes.
- › Help to Buy: federal shared equity pathway, subject to income caps of $100,000 single or $160,000 joint (current 2026-27 figures, indexed each 1 July). Illawarra price cap is $1,300,000. Cannot be combined with another state shared-equity scheme, but stamp duty concessions and the FHOG remain available alongside it.
Source: Revenue NSW and Housing Australia.
When does the duty concession not make sense for first home buyers here?
If your target property is priced above $1,000,000, the FHBAS does nothing for you and transfer duty needs to be factored in full. In Wollongong, that covers most houses in the inner suburbs, the northern coastal villages like Thirroul ($1,725,000 median) and Austinmer ($1,950,000 median), and essentially every house in the premium beachside areas. Buyers in those price ranges are not necessarily out of options on the lending side, but they should not be planning their deposit around a duty saving that won't arrive.
It's also worth understanding that rentvesting - buying an investment property before your own home - forfeits your FHBAS eligibility permanently. If you buy an investment property first, you are no longer a first home buyer for duty purposes when you eventually purchase your own home, regardless of whether you've ever lived in the first property. That is a consideration worth thinking through before you commit to a strategy.
Where we see buyers lose ground is when they're so focused on the deposit that they don't plan for what happens just before settlement. We'd always build the duty position into the conversation early - in this area, the difference between being under or over the threshold can reshape the whole strategy.
Greg Cooke · Director and Finance Broker, SimpleFin · Chat to Greg →
How to claim the first home buyer duty concession in Wollongong, NSW, step by step
The concession is not automatically applied - you need to lodge an application with Revenue NSW, which your conveyancer or solicitor typically handles at or before settlement. Getting the process clear early avoids last-minute delays.
Step 1: Talk to us
We work through your eligibility for the duty concession alongside your deposit position and lending options, so you know exactly what you're working with before you make an offer.
Step 2: Confirm eligibility and price band
Your conveyancer confirms your eligibility under FHBAS and advises whether the purchase price qualifies for the full exemption, the concessional band, or neither.
Step 3: Submit the FHBAS application to Revenue NSW
Your legal representative lodges the exemption or concession claim with Revenue NSW ahead of settlement, ensuring no duty is collected or a reduced amount only is required.
Step 4: Settle and take ownership
At settlement, the duty position is resolved and the property transfers to your name, with the saving already reflected in what you owe at that moment.
What approval challenges do first home buyers face when using the stamp duty concession?
The concession is straightforward once you qualify, but there are a handful of points where buyers run into trouble, usually around assumptions made before their position was properly checked.
Where things go wrong:
- › Price creep past the threshold: a buyer targets properties under $800,000 but bids up at auction or negotiates to $820,000 without recalculating what they now owe in concessional duty - the deposit shortfall arrives late.
- › Citizenship or residency status: the condition tightened from 1 August 2026, and buyers on certain visa pathways who assumed they qualified may no longer do so - confirm with Revenue NSW before exchange, not after.
- › Previous property ownership: a part-interest in a deceased estate or a property gifted by a parent can disqualify a buyer from FHBAS, even if they never paid for it or lived in it.
- › Not building the duty saving into the borrowing strategy: buyers who plan their deposit assuming the concession applies, without confirming it, can find their deposit calculation short if eligibility falls over. Building the concession in last, not first, is the safer approach.
Frequently Asked Questions
Does the NSW stamp duty concession apply to both new and established homes?
Yes, FHBAS covers both new and established residential properties up to $800,000 for a full exemption, and $1,000,000 for a concessional rate. Vacant land to build on has different, lower thresholds.
Can first home buyers in Wollongong use the FHBAS alongside the First Home Guarantee?
Yes, the two schemes are compatible. The First Home Guarantee removes LMI on a 5% deposit, and the FHBAS removes or reduces transfer duty - they operate independently and both can apply to the same purchase.
What happens if a couple buys together and only one has never owned property?
If any applicant has previously owned residential property in Australia, FHBAS does not apply. All purchasers on the contract must individually qualify as first home buyers for the full concession to be available.
Is the FHOG and the FHBAS duty exemption the same thing?
No, they are separate. The FHOG is a $10,000 grant for new homes only, capped at a $600,000 purchase price. The FHBAS duty exemption is a transfer duty concession that covers both new and established homes up to $800,000.
Which Wollongong suburbs have house medians under the $800,000 threshold?
CoreLogic data shows Dapto at $830,500, Koonawarra at $767,500, and Cringila at $670,000 as the most affordable suburbs with recorded medians. Koonawarra and Cringila sit under the full exemption threshold for houses.
Is a mortgage broker or a conveyancer the right person to talk to about stamp duty?
A mortgage broker, every time, for the strategy - a broker works out how the duty saving interacts with your deposit and your borrowing capacity before you bid. A conveyancer then handles the formal FHBAS application at settlement. Both are part of the process.
Your Next Steps
Getting the stamp duty concession right as a first home buyer in Wollongong is really about understanding the threshold before you're under contract, not after. The FHBAS can save you a significant sum, but only if the purchase price, your eligibility and your deposit all line up - and that's a conversation worth having early in the process.
If buying your first home in Wollongong, NSW is on your horizon, the next step is simple. Get in touch with the SimpleFin team or call 0457 531 124. We'll work through where you stand across our 60+ lender panel.
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SimpleFin, Wollongong and the Illawarra. This is general information only and this article does not constitute financial advice. Please consider your own circumstances and seek professional advice before making any financial decisions.
