First Home Owner Grant NSW

From 1 July 2017, a $10,000 First Home Owner Grant (New Homes) Scheme is available for eligible first home owners who buy a new home up to the value of $600,000 or for the construction of a new home up to a completed value of $750,000.

Updated 10 July 2017

The First Home Owner Grant (New Homes) Scheme is NSW Government initiative to help you purchase your first home.

The NSW State Government has announced a raft of initiatives to support first home buyers, which came into effect on 1 July 2017. Those changes include a grant of $10,000 for first home buyers purchasing a new property up to $600,000 or building a new property up to $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 home valued between $650,000 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.

Need more info?

Visit the NSW Office of State Revenue website or the NSW Government website for more information. Contact your local Mortgage Choice broker for assistance. 

 

First home owner grant questionnaire

See if you're eligible

How a Mortgage Choice broker can help

Your local Mortgage Choice broker can take you through all of the incentives available, help you determine what you’re eligible for, and assist you in preparing all of the relevant paperwork to ensure you claim everything you’re entitled to.

Applying for the
First Home Owner Grant

1

In most cases

the lenders are able to act as agents for the Revenue Office.

2

This allows the First Home Owner Grant funds

to be available at settlement or at the first progress payment if you are building your home.

3

If you apply directly to the Revenue Office,

funds will not be available until after settlement or completion of the home if you are building.

Talk to us today to find out more about first home buyer incentives.

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For more details, go to the NSW Office of State Revenue.