Updated 4 December 2017
First Home Owner Grant
The First Home Owner Grant (New Homes) Scheme is a NSW Government initiative to help you purchase your first home.
On 1 July 2017, the NSW State Government implemented a raft of initiatives to support first home buyers.
The initiatives include a grant of $10,000 for first home buyers purchasing a new property up to the value of $600,000 or building a new property up to the value of $750,000, where eligibility criteria is met. Further, insurance duty which was previously payable on Lender Mortgage Insurance has been abolished.
You may also be eligible for the First Home Buyers Assistance Scheme. If you are eligible, this scheme provides exemptions or concessions on transfer duty (Stamp Duty).
The NSW First Home Buyers Assistance Scheme is effective as of 1 July 2017 and includes the following:
An exemption from transfer stamp duty is available for eligible first home buyers purchasing a new or existing home valued up to $650,000 and concessions on duty for a new and existing homes valued between $650,001 and $800,000.
Eligible purchasers buying a vacant block of residential land to build their home on will pay no duty on vacant land valued up to $350,000, and will receive concessions on duty for vacant land valued between $350,000 and $450,000.
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