Updated January, 2014
The NSW Government's First Home Owners Grant helps first home buyers purchase a new home or build their home to the value of $650,000 by offering a $15,000 grant. The scheme applies to new homes only and will reduce to $10,000 on 1 January 2016.
To be eligible to receive the grant:
- 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) have 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
- you have not received a first home owners grant in any State or Territory, unless subsequenly 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.
Which homes qualify?
To qualify, the home must be used as a place of residence. Elegible residences are houses, flats, units, townhosues or apartments and moveable homes relocated onto land owned by the applicant.
Stamp Duty Excemptions and Concessions
The First Home - New Home scheme 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 purchaser buying a vacant block of residential land to build their home 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.
To be eligible for the duty concession or exemption:
- 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
- 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.
If your partner has previously owned a home or received a benefit from us under the First Home -New Home Scheme, you will not be entitled to receive a concession or exemption.
For enquiries about the NSW Government's First Home Owner Grant Scheme phone
1300 130 624.