First Home Owners Grant in NSW
The April 2021 guide to the First Home Owners Grant in NSW.
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In NSW, there are two schemes to help first home buyers get into the property market: The First Home Owner Grant (New Homes) Scheme, and the First Home Buyers Assistance Scheme. The first scheme is a cash grant and the second is a tax concession or discount. Some buyers may be eligible for both.
- Please be aware that if you have already owned a property, whether a home or investment, you won't qualify for grants or stamp duty discounts designed for first home buyers. But you should always check the latest eligibility details on the Revenue NSW website just to be sure.
First Home Owner Grant (New Homes) Scheme in NSW
First Home Owner Grant (New Homes) Scheme is a $10,000 grant for first home buyers who are buying or building a new home. You can qualify for the scheme if you are:
- Buying a newly constructed (or substantially renovated) home valued at no more than $600,000.
- Buying land, and the combined value of your building and land are no more than $750,000.
The grant is available for eligible property transactions occurring after 1 January 2016.
- You cannot qualify for the grant if you are buying an existing home.
Source: Revenue NSW
First Home Buyers Assistance Scheme
The First Home Buyers Assistance Scheme allows eligible first home buyers in NSW to get an exemption or concession on transfer duty (stamp duty). Between 1 August 2020 and 31 July 2021 new homes valued at less than $800,000 qualify for a complete exemption and properties valued between $800,000 and $1,000,000 qualify for a reduced transfer duty.
Unlike the FHOG, you can buy an existing home and still receive a concession of exemption. For existing homes, you value must be less than $650,000. A block of land can be less than $400,000.
The table below outlines the duty concessions available:
|Purchase Price||First Home - New Home Duty|
Source: Revenue NSW
The First Home Buyers Assistance Scheme also provides a duty exemption on vacant land valued up to $350,000 and concessions for vacant land valued between $350,000 and $450,000.
HomeBuilder is a federal grant of $25,000 that is available for home buyers and owners in NSW who are building a new home (or renovating an existing home). Eligible first home buyers could qualify for HomeBuilder in addition to other grants.
Eligibility for first home owners grants in NSW
Your eligibility for these two schemes is determined by the conditions of the individual scheme, the property value and the date in which you entered into the eligible transaction.
Generally, you’ll need to satisfy the following (among other criteria) to qualify:
- At least one applicant is a permanent resident or an Australian citizen
- Each applicant must be aged 18 years or older
- All applicants have not previously owned a residential property in Australia
- All applicants have not previously received a grant under the First Home Owner Grant Act 2000 in any state or territory
Living in the property
- You must live in the property for at least six continuous months, and you must move in within 12 months from purchase.
To find out if you’re eligible for the FHOG, please visit the Revenue NSW and review the eligibility requirements for the scheme you’d like to apply for.
Check out our complete FHOG guide.
How do I apply for the FHOG?
You can apply for NSW first home buyer schemes through the Revenue NSW. There are two forms you need to complete, and you can lodge with the help of your solicitor or conveyancer after you've exchanged contracts with the property seller.
You can only lodge an application with NSW Office of State Revenue once you are registered on the property title.
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