For transactions dated on or after 1 September 2013, the First Home Owner Grant (FHOG) has been retargeted to new and substantially renovated properties. The value of the grant has been lifted from $7,000 to $12,500. From 1 September 2013, the original FHOG is no longer available.
In addition, the residency requirement for the First Home Owner Grant has been increased from 6 months to 12 months, commencing within 12 months of completion of the eligible transaction.
Applications for transactions dated on or after 1 September 2013 must be completed on the current corresponding 1 September 2013 First Home Owner Grant application form. Applications completed on earlier forms will not be accepted.
The First Home Owners Grant will reduce to $10,000 on 1 January 2016.
For eligible transactions commenced on or after 1 January 2011, a cap limits the value of eligible properties to $750,000 or less.
A new home is:
- A home that has not previously been occupied by the builder, a tenant or other occupant.
- One that has not been sold before as a residence
- A home that which is subject to an off-the-plan purchase agreement
- Be purchasing the property with a contract date on or after 1 September 2013
- Be buying a brand new home
- Be buying home that has been substantially renovated and a home that has been built to replace demolished premises
First Home Owners Grant - http://www.osr.nsw.gov.au/grants/fhog
ACT Website – New Home Scheme http://www.revenue.act.gov.au/home-buyer-assistance/first-home-owner-grant