First Home Buyers Grant New South Wales
On top of the First Home Owners Grant, NSW first home buyers enjoy a number of stamp duty concessions that are aimed at helping them get into the property market sooner. These include the New Home Buyers Supplement, the First Home Owners Grant Boost, and the First Home Plus and First Home Plus One schemes. You will find detailed descriptions of all these first home buyer benefits below.
NSW First Home Buyer Benefits – Applications and Eligibility
To ensure you are getting all of your first home buyer benefits, get your local mortgage broker to help. They will help determine your eligibility, complete your paperwork and even find the home loan that is in your best interest. Simply call us on 13 LOAN (+61 2 9249 3739 direct) or email us the form on this page and we will return your contact within 2 business hours.
NSW New Home Buyers Supplement
On top of the First Home Owners Grant, NSW First Home Buyers may also be eligible for an additional $3000 payment known as the NSW New Home Buyers Supplement. This supplement, when combined with the First Home Owners Grant, means that first home buyers can expect maximum benefits of up to $11,000 when purchasing a new home.
Applicants for the NSW New Home Buyer Supplement must meet the same eligibility criteria as those for the First Home Owners Grant. They must also have entered into a contract to build or purchase a new home between 11 November 2008 and 30 June 2010.
First Home Plus
If you are buying or building your first home in NSW, you may be eligible for state based concessions under the First Home Plus Scheme in addition to the First Home Buyers Grant.
Under the First Home Plus Scheme, you receive stamp duty exemptions on homes valued up to $500,000 and stamp duty concessions if the value is between $500,000 and $600,000. If you are buying vacant land to build your home, you do not pay stamp duty if the land is valued up to $300,000 and receive stamp duty concessions if the value is between $300,000 and $450,000.
First Home Plus One
If you are purchasing your first home with other parties, you may still be eligible to receive a concession under the First Home Plus One scheme. To qualify you would need to purchase at least 50 per cent of the property and meet the First Home Plus Eligibility criteria below.
First Home Plus and First Home Plus One Eligibility Criteria
To be eligible for First Home Plus you will need:
- The contract and the transfer must be for the purchase of the whole of the property.
- All purchasers must be ‘eligible purchasers’.
- At least one eligible purchaser must occupy the home as their principal place of residence for a continuous period of six months, commencing within 12 months of completion of the agreement.
- An ‘eligible purchaser’ is a natural person (i.e. not a company or trust) at least 18 years of age who has not, and whose spouse/de facto has not:
- At any time owned (either solely or with someone else) residential property in Australia other than property owned solely as trustee or executor.
- Previously received an exemption or concession under First Home Plus.
Note: If all purchasers are not ‘eligible purchasers’ you may still qualify for a concession under First Home Plus One.
More information and home loan help
For more information on how and where to find a better home loan deal from an extensive panel of Australian banks and secure mortgage lenders, or to speak to your local area mortgage expert, contact us on 13 LOAN (direct +61 2 9249 3739)
