The First Home Owner Grant (FHOG) of $15,000 is available to all first home buyers who are purchasing or building a new home. The grant applies to new homes only and reduces to $10,000 on 1 January 2016.
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 has been substantially renovated and a home that has been built to replace demolished premises
To be eligible, you must:
- Be purchasing the property with a contract date after 1 October 2012
- Be buying a brand new home
- Be over 18
- You're your spouse (including de facto) have never held an interest in Australian residential property before 1 July 2000
- The value of the property doesn’t exceed the $650,000 FHOG cap for contracts dated between 1 October 2012 and 30 June 2014
- The value of the property doesn’t exceed the $750,000 FHOG cap for contracts dated on or after 1 July 2014
- You have not received the FHOG in any State or Territory (unless subsequently repaid)
- Be prepared to live in the home for a continuous period of six months
- At least one applicant must be a permanent Australian citizen
- Each applicant must be a natural person and not a trust
Additional NSW Government Stamp Duty exemptions and concessions
In addition, the First Home – New Home Scheme provides eligible buyers with an exemption from transfer duty on new homes valued up to $550,000 and concessions on new homes valued between $550,000 and $650,000.
Eligible purchasers buying vacant residential land to build a home pay no duty on land valued between $350,000 and $450,000. These rates apply from 1 July 2012.
The New Home Grant Scheme was introduced to stimulate construction of new homes. The scheme provides a $5,000 grant towards the purchase of new homes, homes off-the-plan, and vacant land on which a new home will be built.
Please see the following sites for full details:
First Home Owners Grant - http://www.osr.nsw.gov.au/grants/fhog
First Home – New Home Scheme http://www.osr.nsw.gov.au/grants/fhnh
New Home Grant Scheme - http://www.osr.nsw.gov.au/grants/nhg