The NSW First Home Plus Grant Scheme

For first home buyers we understand there are many things you need to do, financial hurdles to be overcome, and the task can often seem insurmountable. So here we have condensed the information relevant to you, making it easier for you to understand what you are actually entitled to. For first home owners in NSW the government is offering several different grant schemes, easing the strain on first home buyers moving into the housing market.

The first home plus is one of theses schemes and is giving exemptions or concessions on transfer duty and mortgage duty for eligible first home purchasers with exemptions or concessions on transfer duty and mortgage duty. So you will pay no duty on homes valued up to $500,000, and concessions on duty for homes valued between $500,000 and $600,000. 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), so for more information please read on.

Features of the First Home Owner Plus Scheme

Those who are purchasing either a home or land may be eligible for the First Home Plus duty exemption or concession. A condition for those purchasing vacant land the Owner Plus is provided on the basis that on the vacant land you intend to build your first home.

• Who is exempt and who will receive concessions? – 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.
• Is your vacant land properties eligible for the First Home Plus – For people who purchased a vacant block of residential land $300,000 or below you will pay no duty on your property, and on properties between $300,000-450,000  you will receive duty concessions on properties.
• 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.

What kind of savings can you expect to see from owner plus scheme

The amount of savings you will receive depends on whether you purchased a home or a vacant black and also the amount you paid for your home or vacant land. Some examples of the saving are:

• Houses under $500,000 are entitled to a full duty exemption – If you have paid $500,000 or less you will be waived the whole duty tax and can save between $7240 and $17,990.
• House between $500,000 and $600,000 receiving a concession – When your first homes value is above $500,000 and below $600, 000 you are able to save up between $4498 and $13,493.
• Buying vacant land under $300,000 – Those who purchased vacant land under $300,000 can save between $1990 and $8990.
• Vacant land between $300,000 and $450,000 – For land purchasers between  $300,000 and $450,000 you will receive a concession between $8851 and $1802.

First Home Owner Plus is assisting buyers of homes and vacant land by offering great savings and concessions on duty and mortgage tax. To find out if you are eligible for this great offer, or other great offers such as the First Home Owner Grant, and for those purchasing a house with another person the First Home Plus One, contact Home Loan Finder now and find out what applies to you.

Related posts:

1. New Home Buyers Fact Sheet & Frequently Asked Questions (NSW)
2. First Home Buyers Grant Tasmania (TAS)
3. Important Differences Between the Grant and First Home Concessions
4. First Home Owner Grant – Lodgement Guide and Application Form (ACT)
5. First Home Owner Grant Overview (VIC)
6. First Home Buyers Grant New South Wales (NSW)
7. First Home Owners Grant – Australian Capital Territory
8. First Home Owners Grant FAQ
9. Eligibility for first home buyers grant
10. First Home Buyers Grant Western Australia (WA)

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Showing One Comment

1. 1
   robert December 6th, 2011 at 10:43 pm

   to be eligible for first home plus one grant must the contracted date be before 01/01/2012

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