First Home Buyers
What is a First Home Buyers Grant?
A First Home Owner Grant (New Homes) Scheme is a NSW government initiative that assists home buyers with purchasing their first property. The scheme currently includes a lump sum grant of $10,000 for first home owners buying a new home up to the value of $600,000, or building a new property up to the value of $750,000.
First home buyers in NSW do not have to pay insurance duty on lender’s mortgage insurance and depending on their circumstances, stamp duty. First home owners purchasing a new home valued up to $650,000 are exempt from paying stamp duty, while those buying properties from $650,001 to $800,000 receive a stamp duty discount based on a sliding scale. Eligible buyers also pay no stamp duty on purchasing vacant land valued up to $350,000 and receive a discount for properties valued from $350,000 and $450,000.
Who can apply?
To qualify as a first home buyer, you must be purchasing the first home you or your spouse have owned or co-owned in Australia, although there are some exceptions.
You must also move into the property within 12 months and live there for at least six continuous months.
You must be:
an Australian citizen or a permanent resident of Australia
at least 18 years old.
For more information on the first home buyers grant go to
https://www.revenue.nsw.gov.au/grants-schemes/previous-schemes/first-home-owner-grant