What grants are available for first home buyers?

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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.