First Home Owners Grant Eligibility requirements NSW

The First home Owners Grant Eligibility requirements in NSW are basically the same as that required generally by other state and territory government throughout Australia.

This is because the First Home Owners Grant (FHOG) is an Australian Government funded first home buyer initiative originally instigated to counter the effects of the Goods and Services Tax (GST) in 2000.

It is however administered by the various state and territory governments who attach the grant of $7,000 to their own schemes using much of the FHOG eligibility requirements as a uniform requirement for their own first home buyer incentives.

There are however some variations between the state and territory eligibility requirements and it is here where we discuss the specific requirements of the New South Wales Government.

First Home Owners Grant Eligibility requirements NSW – general criteria.

The First Home Owner Grant Scheme is available to all residents of New South Wales who are either building or buying their first home who comply with the following requirements:

• The applicant, or at least one of the applicants if there is more than one, must live in the residential building concerned for at least six months within 12 months of signing the contract to purchase or to begin construction. (Certain Defence personnel are exempted from this provision).
• It must be the first time the applicant, or his or her de-facto or spouse, has been in receipt of the grant in any state or territory anywhere in Australia. (If however a grant has been granted previously, and it has been repaid, the applicant can once again become eligible as long as he or she meets all the other requirements).
• From, on or after January 1, 2010, the value of the property attracting the grant can not exceed $750,000.
• All applicants must have settled the contract to buy the home or contracted a builder to build the home on or later than July 1, 2000.  If the applicant is an owner builder he or she must have begun the laying of the foundations on or later than July 1, 2000.
• No applicants nor their spouses or de-facto partners can have owned and occupied a residence either by oneself or in partnership with any other person anywhere in Australia on or later than July 1, 2000 for six months or longer.
• No applicants nor their spouses or de-facto partners can have owned a residence separately or jointly with another person anywhere in Australia prior to July 1, 2000.
• All applicants must be 18 years of age or over and at least one applicant, if there is more than one, be an Australian citizen or a permanent resident of Australia.
• The applicant must be a ‘natural’ person and not a trust nor a company. (If a trust is set up to benefit a disabled person the trust may then qualify at the Commissioners discretion).

First Home Owner Grant Eligibility requirements NSW – First Home Plus.

The NSW government first home buyer concession exemption scheme known as First Home Plus has its own eligibility requirements that are as follows:

• All first home buyers accessing the benefits of first Home Plus must be ‘eligible purchasers’.
• An ‘eligible purchaser’ is regarded as being a ‘natural’ person which means he or she can not be a company nor a trust.
• Be 18 years of age or older.
• The eligible purchaser, or if more than one purchaser at least one, must live in the home in question for a period of six months within 12 months of settlement as his or her principal place of residence.
• No applicant can have owned, either in conjunction with anybody else or by him or herself, any residential building anywhere else in Australia other than that of being an executor or trustee.
• The contract, to which the transfer refers, must be for the buying of the entire property.
• No applicant can have previously received a concession or exemption within the auspices of the First Home plus Scheme.

If an applicant fails to qualify for the First Home Plus benefits he or she may qualify for the First Home Plus One scheme.

First Home Owner Grant Eligibility requirements NSW – First Home Plus One.

The First Home Plus One concession and exemption scheme offered by the New South Wales Government allows for first home buyers who are buying property with other parties to remain eligible for a concession within the following boundaries:

• The applicant must purchase at least 50% of the property in question.
• The property value and eligibility requirements that apply to First Home Plus equally apply the First Home Plus One.
• If a spouse of the first home buyer has previously gained a benefit through the First Home Plus scheme the applicant is deemed ineligible to receive a benefit under First Home Plus One no matter if the spouse is involved in the purchase or otherwise.

Further information on this important subject for all first home buyers in NSW can be obtained by contacting us.

If your a first home buyer looking at property in NSW, you may like to get into contact with a local mortgage broker to find out more about the types of loans available to suit your current situation. Follow the secure links listed below to begin your search for a mortgage broker in your local area

Hunter, Central and North Coasts Brokers

• Central Coast and Region
• Hunter Valley – Lower
• Hunter Valley – Upper
• Lake Macquarie East
• Lake Macquarie West
• Mid North Coast
• Newcastle and Region
• Northern Rivers
• Port Stephens

• Eurobodalla Coast
• Far South Coast
• Shoalhaven
• Southern Highlands
• Wollongong and Illawarra

Regional NSW

• Capital Monaro and Snowy
• Central West
• Dubbo and Orana
• Far West
• Murray Region
• New England – North West
• Riverina
• Southern Tablelands

• Blue Mountains and Surrounds
• Canterbury / Bankstown
• Eastern Suburbs
• Hawkesbury
• Hills
• Inner West
• Liverpool / Fairfield
• MacArthur / Camden
• North Shore – Lower
• North Shore – Upper
• Northern Beaches
• Northern Suburbs
• Parramatta
• St.George
• Sutherland
• Sydney City
• Western Sydney

Related posts:

1. Eligibility for first home buyers grant
2. First Home Owners Grant Eligibility Penalties NSW
3. First Home Owners Grant FAQ
4. Eligibility Criteria First Home Owner Grant (NT)
5. First Home Owners Grant FAQ NSW
6. First Home Owners Grant (ACT)
7. First Home Buyers Grant South Australia
8. First Home Owners Grant Frequently Asked Questions (VIC)
9. Federal Government First Home Owners Grant
10. First Home Owners Grant (WA)

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