1. What counts as a first-time buyer
For HK stamp-duty purposes, a first-time buyer is a HK permanent resident who holds no other HK residential property at the time of purchase. In a joint purchase, if either spouse owns another property, the entire transaction loses first-time status.
FTB status affects three things: your stamp-duty rate band, your maximum loan-to-value, and — at some banks — the interest rate you're offered.
2. First-time stamp-duty relief
FTBs use the lower Scale 2 rates. On an HK$8M flat, AVD is about HK$225,000 for an FTB, materially less than a non-FTB (see the Stamp Duty guide for the full table).
3. 90% LTV and mortgage insurance
FTBs can borrow up to 90% via the Mortgage Insurance Programme (MIP) on prices up to HK$10M (higher in some cases). 90% loans must pass the stress test and carry a one-off MIP of roughly 1.15%–5% of the loan, depending on tenor and LTV.
MIP is not free financing — the premium plus long-run interest eats into early-year savings. Compare MIP vs a standard 70% LTV plus personal top-up before deciding.
4. Common pitfalls
Pitfall 1: assuming a spouse's older property doesn't matter — it does; it costs you FTB status on the whole purchase.
Pitfall 2: signing the PASP without full mortgage pre-approval. Under-valuations force top-ups or a forfeited deposit.
Pitfall 3: forgetting the 30-day stamp-duty cash-flow deadline.
Pitfall 4: accepting the first counter-offer without any independent negotiation step.
5. Extra savings from negotiation
FTBs sit at lower stamp-duty bands, so the tax multiplier from negotiation is smaller — but still meaningful. On an HK$8M FTB flat with HK$300,000 negotiated off: price saving HK$300,000, stamp-duty saving ~HK$6,750, agent commission saving ~HK$3,000 — HK$309,750 gross.
Our fee = (Original − Discounted) ÷ 2 = HK$150,000. You keep HK$159,750, paid only at PASP signing. No discount, no fee.
6. FAQ
One spouse owns a flat — can the other still buy as FTB?+
If the non-owning spouse buys and mortgages the property solely in their own name, FTB status can be preserved. But this affects mortgage approval and family asset planning — talk to your solicitor and mortgage broker first.
Can an FTB take 90% LTV above HK$10M?+
Up to HK$11.5M, maximum LTV is typically 80%; up to HK$10M, up to 90% is available. Caps are periodically adjusted — confirm the latest figures with your mortgage broker before signing.
Is FTB status one-shot?+
No. It's a status at the time of each transaction, not a one-off entitlement. If you later sell and hold no other HK residential property, a future purchase can be at Scale 2 again.