First Home Buyer Grants New South Wales

First Home Owner Grant (FHOG) Cap

From 1 January 2010, the New South Wales government has introduced a property value threshold of $750,000; only properties below this value may be eligible for the first home owner grant.

Additional Grants for New South Wales First Home Buyers

In addition to the federal government’s First Home Owners’ Grant, the NSW Government offers further assistance for eligible first home buyers: New Home Buyers Supplement and First Home Plus.

New home buyers’ supplement

The NSW Government announced at the end of May that it would extend the New Home Buyers’ Supplement until 30 June, 2010. First home buyers building a new property or purchasing a newly-constructed property that has never been lived in before, who are also eligible for the Federal Government’s First Home Owners’ Grant, will also be eligible for an additional $3,000 grant in the form of the NSW New Home Buyers’ Supplement. As with the boost to the First Home Owners’ Grant, the supplement will cover newly-constructed properties, contracts to build, off-the-plan purchases and owner-builder construction. Conditions do apply regarding timeframes for construction.

First Home Plus

The First Home Plus scheme provides eligible purchasers with exemptions or concessions on transfer duty and mortgage duty, with no duty payable on homes valued up to $500,000 and concessions on duty for homes valued between $500,000 and $600,000.

First Home Plus also provides exemptions and concessions for eligible purchases buying a vacant block of residential land valued for the purpose of building a home, with no transfer duty payable on vacant land valued up to $300,000, and duty concessions available for vacant land valued between $300,000 and $450,000.

Full mortgage duty concessions and exemptions apply to mortgages given to assist the purchase of property under First Home Plus.

Find out if you are eligible for First Home Buyer Grants in NSW

To find out if you are eligible for First Home Buyer Grants in NSW, including the First Home Owners’ Grant, fill in the form below to talk to your local mortgage broker, or call us anytime on 13 LOAN or direct on +61 2 9249 3739 direct.

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To qualify for First Home Plus you must meet the following criteria:

• The contract and the transfer must be for the purchase of the whole of the property
• All purchasers must be ‘eligible purchasers’, that is, a natural person (ie. not a company or trust) at least 18 years of age who has not, and whose spouse/de facto has not:
  • at any time owned (either solely or with someone else) residential property in Australia other than property owned solely as trustee or executor; or
  • previously received an exemption or concession under First Home Plus
• At least one eligible purchaser must occupy the home as their principal place of residence for a continuous period of six months, commencing within 12 months of completion of the agreement

Note: If you do not meet the criteria for First Home Plus, you may still qualify for a concession under First Home Plus One.

First Home Plus One – a variation

First Home Plus One is a variation of the First Home Plus program.  From 1 May 2007, First Home Plus One allows eligible purchasers to buy property with other, ineligible parties and still receive a concession on their portion of the property purchase. To qualify, the eligible purchaser/s must buy at least 50 per cent of the property.

The value limits and purchasers eligibility criteria of First Home Plus apply. Transfer duty is calculated with reference to the proportion of the property purchased by other parties. However, this interest is disregarded if it is not more than five per cent.

Note: if the first home buyer’s spouse has previously owned a home or received a benefit under First Home Plus, the first home buyer will not be entitled to First Home Plus One, regardless of whether or not the spouse is also a purchaser.

You can calculate the exact amount of your concession under the First Home Plus or First Home Plus One scheme using the First Home Plus calculator.

NSW Office of State Revenue

The NSW Office of State Revenue (OSR) administers all first home buyer grants and concessions for NSW buyers. You can contact the NSW OSR on (02) 9685 2122 or visit their website at www.osr.nsw.gov.au

First home buyer benefits summary by state

• First Home Buyer Grants in Australia
• First Home Buyer Grants Northern Territory
• First Home Buyer Grants New South Wales
• First Home Buyer Grants Queensland
• First Home Buyer Grants South Australia
• First Home Buyer Grants Tasmania
• First Home Buyer Grants Victoria
• First Home Buyer Grants Western Australia