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What is the first home buyers grant for NSW

Are you hoping to buy or build your first home? The NSW Government is offering a grant and assistance with the transfer duty for first home buyers.

New homes

If you are buying or building a new home you may be eligible for $10,000 under the first homeowner’s scheme.

You may be eligible if:

  • Your newly constructed home is valued at less than $600,000
  • The land and dwelling you intend to build has a combined value of less than $750,000

Eligibility:

  • You are an individual (not a company or trust) over 18 years of age
  • You or the person you are buying with is an Australian citizen or permanent resident
  • You or the person you are buying with has not owned or co-owned property in Australia or previously received the first home owners grant in Australia.

The application is done through your bank or home loan broker. Read about first home buyer compliance

Homebuilder program

If you are building a new home you may also be eligible for the Australian government grant of $25,000.

You may be eligible if:

  • You sign a contract between 4th June 2020 and 31st December 2020
  • Commence building within 3months of the contract date

Read about the Homebuilder program

The first home buyer assistance scheme

In addition there is a whole range of threshold changes from 1st August 2020. Within this, you may be eligible to apply for an exemption or a reduction of duty charges. First home buyer eligibility remains the same as above.

This assistance scheme applies to first home buyers:

  • buying an existing home
  • buying a new home
  • buying vacant land on which you intend to build a home.

For homes or vacant land bought between 1 July 2017 and 31 July 2020, you can apply for a full exemption if:

  • the value of your new or existing home is less than $650,000, or
  • the value of your block of land is less than $350,000.

You can apply for a concession if:

  • the value of your new or existing home is between $650,000 and $800,000, or
  • the value of your block of land is between $350,000 and $450,000.

If you buy a home or vacant land between 1 August 2020 and 31 July 2021 you can apply for a full exemption if:

  • the value of your new home is less than $800,000, or
  • the value of your existing home is less than $650,000, or
  • the value of your block of land is less than $400,000.

You can apply for a concession if:

  • the value of your new home is between $800,000 and $1 million, or
  • the value of your existing home is between $650,000 and $800,000, or
  • the value of your block of land is between $400,000 and $500,000.

You must have already exchanged contracts to purchase your first home or vacant land.

If you are curious about your eligibility speak with us about the First Home Buyers Assistance scheme.

Information supplied from NSW Government First Home Buyer and Grant Assistance website on the day of publishing 27th October 2020.