New Home Buyers Fact Sheet & Frequently Asked Questions (NSW)
The first home grant schemes being offered are constantly changing, and you may have many questions about which government grant schemes are still in place. Here you will be informed about which grants are still available, and which grants were available to those who purchased during before December 31st 2009.
The governments First Home Owner Bonus is one grant that was only available for a limited time, and as such is no longer available. However, if you are buying or building your first home you may be eligible for one of the other grants still available including: First Home Owner Grant (FHOG), First Home Owner Plus (FHOP), or First Home Plus One (FHPO). For first home buyers we understand there are many things you need to know and financial hurdles to be overcome and the task can often seem insurmountable, so here we have condensed the information to making it easier for you to understand what you are actually entitled to.
The First Home Owner Grant Scheme
The First Home Owner Grant is still available to help first home owners purchase their first home by offering a $7000 grant.
- Are you eligible to receive the First Home grant? – To receive the First Home grant you must be an Australian citizen or permanent resident, and you must have not previously owned a home in Australia.
- Is your home are eligible to receive the grant? – As long as you are purchasing your first home, any homes -that can be legally resided in- are eligible for the grant. Vacant land is not covered by the first home grant.
- Homes up to $750,000 are covered by the grant – If you purchased a first home that does not exceed $750,000 you home may be eligible for the Owners Grant.
- How and where can you apply for the grant – You can apply for the grant with you mortgage agent or the NSW Revenue Office.
- What you are obliged to do after receiving the grant- Once you have received the grant and upon completion of the home, one of the requirements is that you must start occupying the completed home within 1 year, for a continuous period of at least 6 months.
The First Home Owner Plus Scheme
If you are purchasing either a home or land, you may be eligible for the First Home Plus scheme’s transfer duty exemption or concession.
- What homes are eligible for the First Home Plus – If you purchase a first home up to the value of $500,000 you can receive a duty tax exemption, and for homes between $500,000-600,000 you can receive a duty concession.
- What vacant land properties are eligible for the First home plus – If you purchase a vacant block of residential land, you will pay no duty on properties valued up to $300,000, and will receive duty concessions on properties between $300,000-450,000.
- Your eligibility and grant obligations – The first home plus eligibility requirements and obligation are the same as the FHOG in that you must be an Australian citizen or permanent resident, not previously owned a home, and you must start occupying the home within 1 year (upon completion of the home), for a continuous period of at least 6 months.
First Home Plus One
If you do not qualify for either the First Home Owner Grant or First Home Plus you may still qualify for a concession under First Home Plus One. First Home Plus One allows you to buy property with other parties and still receive a commission.
- Does your purchase qualify for the First Home Plus One? To qualify for the Plus One concession you must purchase at least 50 per cent of the property.
- How the duty concession is calculated – A full duty concession is given on houses up to $500,000 and land up to $300,000; houses between $500,000-600,000, and land between $300,000-450,000 will receive concessions. Please read concession tables for further details.
With the assistance from the First Home Buyers Grant, Home Owner Plus, or First Home Plus One you can buy your first home much easier. For more information about the initiatives, contact Home Loan Finder and find out whether you are eligible.
Related posts:
- Frequently Asked Questions: First Home Owner Grant
- The NSW First Home Plus Grant Scheme
- First Home Owners Grant Frequently Asked Questions (VIC)
- First Home Buyers Grant Tasmania (TAS)
- Fact Sheet Changes to FHOB in 2009-10 budget (TAS)
- First Home Owner Boost Information Sheet (NSW)
- First Home Buyers Grant New South Wales (NSW)
- First Home Owner Grant – Lodgement Guide and Application Form (ACT)
- First Home Buyers Exemptions & Concessions (VIC)
- Important Differences Between the Grant and First Home Concessions
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