First Home Buyers Grant New South Wales (NSW)
The First Home Buyers Grant is an Australia wide assistance package administered separately by the various state and territory governments.
Other than the $7,000 in grant money, that is paid to all eligible first home buyers equally throughout the entire country through the First Home Buyers Grant, each state and territory government offers various other concessions of their own.
The New South Wales Government has long been committed to offering assistance to as many first home buyers as possible. It has remained steadfast in its aim of placing as many young families into their own home for many years as it firmly believes that by doing so it helps young families establish their future lives as a family unit.
Features of the First Home Buyers Grant New South Wales (NSW).
To compliment the First Home Buyers Grant the New South Wales government has also instituted stamp duty concession and exemption schemes with the intention of getting first home buyers into their own home faster than would otherwise be the case. These concession schemes include the following:
- New Home Buyers Supplement
- First Home Plus
- First Home plus One.
First Home Buyers Grant New South Wales (NSW) – New Home Buyers supplement.
As well as receiving the benefits from the First Home Buyers Grant, all eligible NSW first home buyers my also be entitled to receive the benefits of the NSW New Home Buyers Supplement of $3,000, bringing the total amount available to $11,000.
The conditions that apply to this supplement are:
- Must be purchasing a new home.
- Be eligible for the First Home Buyers Grant.
- Have entered into a contract to build or buy the new home between November 11 2008 and June 30 2010.
First Home Buyers Grant New South Wales (NSW) – First Home Plus.
This is a concession scheme aimed specifically at first home buyers in New South Wales if you are buying or building your first home. This concession is additional to the benefits gained from the First Home Buyers Grant.
First Home Plus benefits are the following stamp duty exemptions and concessions:
- For homes valued up to $500,000 – total stamp duty exemption.
- Homes valued between $500,000 and $600,000 – stamp duty concessions.
- If buying a vacant lot to build a home on, and the land is valued below $300,000 – stamp duty exemption.
- Vacant land purchased with the intention to build valued between $300,000 and $450,000 – stamp duty concessions.
First Home Buyers Grant New South Wales (NSW) – First Home Plus One.
This scheme offers concessions for first home buyers purchasing their first home with other parties. To be eligible you must hold at least 50% interest in the property.
Eligibility criteria for First Home plus include the following:
- The whole property must be included in the contract of sale.
- If more than one purchaser all must be eligible under this criteria.
- If more than one purchaser one must live in the home as a principal place of residence for at least six months within 12 months of settlement.
- Persons considered to be eligible purchasers must be ‘natural’ persons (Neither a company nor a trust)
- Be 18 years old or above and to not have: – (spouse and or de-facto included)
- Owned any other residence in Australia previously either by oneself or with another, other than as an executor or trustee.
- Received a concession nor an exemption under First Home Plus previously.
Persons who are not considered eligible for First Home Plus my still qualify for a concession under First Home Plus One.
First Home Buyer Grant Cap.
Homes valued at more than $750,000 have not been eligible to the First Home Buyers Grant from 1 January 2010.
Special Defence Force Exemption.
All Australian Defence Force members who are listed on a NSW electoral roll are exempt from the six month residential provisions of The First home Buyer Grant.
The New South Wales Government has remained steadfast in its aim of placing as many young families into their own home for many years as it firmly believes that by doing so it helps young families establish their future lives as a family unit. Feel welcome to contact us at any time to find out more about the First Home Buyers Grant New South Wales (NSW).
What is the NSW Fist Home Owners Grant
The NSW first home owners grant is a grant that will help people with the cost of buying a house. This section of the article will explain what the first home owners grant and what is offered with the grant in NSW:
- First home owners grant. The first home owners grant is a grant that is offered by the federal government to help people with the costs associated with buying a home. By helping people buy a home the economy will benefit. The grant can be used in whatever way you deem necessary.
- NSW First home owners grant. The NSW first home owners grant is the state version of the federal grant. The NSW first home owners grant offers you a lump sum payment of $7,000 for people buying their first home. This is similar to most states and territories however some of the criteria will be specific to each state.
What are the Criteria of the NSW Fist Home Owners Grant
As previously mentioned the conditions of the first home owners grant that are associated with each of the states and territories will be slightly different. This section of the article will explain what conditions have to be met to be eligible for the NSW first home owners grant:
- Over 18 years of age. The person who is applying for the NSW first home owners grant must be over 18 years of age. If you are younger than 18 you will not be eligible.
- First property purchase. The NSW first home owners grant is only available to people who are buying their first property. You will not be eligible for the NSW first home owners grant if you or your spouse has owned a property in any way shape or form in the past.
- Permanent resident or citizen. The NSW first home owners grant is available to permanent residents and citizens of Australia. If you are in the country on a working Visa you will not be eligible for the NSW first home owners grant.
- Total value of the property does not exceed $750,000. Each state or territory may have a different limit of eligibility to the NSW first home owners grant in regards to the purchase price of the property. In NSW the purchase price at which you will not be able to get the grant is $750,000.
- Principal place of residence. The NSW first home owners grant is only available to people who are using the property as their main place of residence. You must live in the house for at least a year to be eligible for the grant.
Related posts:
- First Home Buyers Grant Tasmania (TAS)
- Eligibility for first home buyers grant
- First Home Owners Grant New South Wales
- First Home Buyers Grant Northern Territory (NT)
- First Home Buyers Grant Western Australia (WA)
- New Home Buyers Fact Sheet & Frequently Asked Questions (NSW)
- Federal Government First Home Owners Grant
- First Home Owner Grant Overview (VIC)
- The NSW First Home Plus Grant Scheme
- First Home Buyers Grant WA
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