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What grants are available for first home buyers?



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Photo by: Kelly Sikkema on Unsplash.
Two boys standing by the window looking into the snow.

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.

They are:

  • 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

Applicants must:

  • 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.

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