What about the First Home Owner Grant?
If, rather than buying an older property, you’re buying or building a brand-new home to live in, you may also be eligible for the First Home Owner Grant. This grant gives you $10,000 towards the purchase price of your new home, but comes with some conditions.
- You must be buying or building your first home
- The property must be a new home that no-one has lived in before
- The property must be worth no more than $750,000
More information can be found on the Government website: https://www.revenue.nsw.gov.au/grants-schemes/first-home-buyer/assistance-scheme
What does the First Home Buyer Assistance Scheme offer?
- Full or partial exemption on transfer duty.
The applications are considered separately but the main criteria that must be present in your application are:
- You are buying your first home in Australia which is not more than $800,000
- The contract date must be on or after 1 July 2017 and must be for the whole property
- Be an individual, not a company or trust
- Be over 18
- Never have owned or co-owned residential property in Australia
- Never have received an exemption or concession under this scheme
- At least one of the first home buyers must be an Australian citizen or permanent resident
You or one of the other first home buyers must:
- Move into the new home within 12 months after buying the property and
- Live there for at least six continuous months.
Have more questions about buying your first home? Give us a call today!
Disclaimer: The information provided is general in nature and does not constitute financial advice. Please speak to us for recommendations on your individual circumstance and requirements.