The First Home Owner's Grant

Monday, September 19, 2016 1:01:10 PM Australia/Melbourne

The $10,000 First Home Owner Grant (New Homes) Scheme is available for eligible first home owners who buy or build new properties valued up to $750,000.

The First Home Owner Grant (New Homes) Scheme is NSW Government initiative to help you purchase your first home. To be eligible, a first home buyer needs to build or purchase a new home where the value of the property does not exceed the FHOG grant cap of $750,000. A new home:

  • Has not been previously occupied - this includes occupation by the builder, a tenant or other occupant.

  • Has never been sold as a place of residence. When you purchase the home, it must be the first sale of that home.

  • Has been substantially renovated or the home has been built to replace a demolished premises.

 If you're a First home buyer and meet the eligibility requirements, you may qualify to receive a one-off FHOG of $10,000.

In conjunction with the NSW First Home Owners Grant (New Homes) Scheme, you may also be eligible for the First Home (New Homes) Scheme. If you are eligible, this scheme provides exemptions or concessions on transfer duty (Stamp Duty).

Under the NSW First Home (New Homes) scheme:

  • An exemption from transfer stamp duty is also available for eligible first home buyers purchasing a new home valued up to $550,000 and vacant land up to $350,000; and

  • Concessions are available on stamp duty for homes valued between $550,000 and $650,000 and vacant land valued between $350,000 and $450,000.

This includes buying land as the site to build a first home. 

 

 

For Frequently Asked Questions, visit NSW Government Office of State Revenue.

Get free advice from your Bellmarch Home Expert (02) 9114 8888

Click here to contact us online.

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Bellmarch Homes

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