The First Home Owner Grant has changed numerous times over the past few years. In 2017, the NSW Government announced the First Home Buyers Assistance Scheme that offers stamp duty exemptions for first home buyers who buy a property worth less than a certain limit. Read this blog post to learn more. Also on offer is a grant for first home buyers who are looking to purchase a new home or build their home.
There are two limits to the grant – one for people buying new homes and one for people building a home. If the purchaser is buying a new home (i.e. it has been built by someone else and they will be the first owner) the property value limit is $600,000. If the purchaser is building a new home, then the total value of the property is capped at $750,000.[activecampaign form=7]
The grant is currently $10,000, reducing from $15,000 on the 1st January 2016. If you were fortunate enough to purchase a property between 1st October 2012 and 31st December 2015 then you will still be eligible to receive the $15,000 grant (subject to the other eligibility criteria of course).
To qualify for the grant, the following criteria need to be met:
The qualifying criteria are quite stringent, and to be eligible to receive the grant, the buyer needs to meet each of the eligibility requirements.
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