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First Home Owners Grant NSW Information

Submitted by administrator on Mon, 12/10/2009 - 7:26pm

First Home Benefits

If you are buying or building your first home, you may be eligible for benefits under the First Home Owner Grant Scheme, NSW First Home Buyers Supplement, Australian Government First Home Owner Boost and the First Home Plus Scheme.

The Schemes were established to assist eligible first home owners by offering a total benefit of up to $41,990.

The First Home Owner Grant Scheme and the NSW First Home Buyers Supplement are fully funded by the NSW Government and together with the Boost are administered by the Office of State Revenue.

NSW New Home Buyers Supplement

First home buyers in NSW who qualify for the First Home Owner Grant and are buying a newly constructed home or building their first home may be eligible for an additional $3,000 payment known as the NSW New Home Buyers Supplement.

The $3,000 NSW New Home Buyers Supplement is in addition to the First Home Owner Grant and the Australian Government’s First Home Owner Boost.

The NSW Treasurer has announced the NSW New Home Buyers Supplement has been extended to 30 June 2010.

Commonwealth’s First Home Owner Boost

The First Home Owner Boost scheme is an Australian Government Scheme to assist first home buyers purchase or build their first home. The scheme is administered by the NSW Government and is in addition to the $7,000 First Home Owner Grant.

The Australian Government announced changes to Commonwealth’s First Home Owner Boost in the Federal Budget on 12 May 2009.

For contracts made between 14 October 2008 to 30 September 2009 (inclusive):

  • first home buyers who purchase established homes will receive a boost of $7,000 that will double the grant to $14,000
  • first home buyers who build a new home or purchase a newly constructed home will receive an extra $14,000 to take their grant to $21,000.

For contracts made between 1 October 2009 to 31 December 2009 (inclusive):

  • first home buyers who purchase established homes will receive a boost of $3,500 that will take their grant to $10,500
  • first home buyers who build a new home or purchase a newly constructed home will receive an extra $7,000 to take their grant to $14,000.

First Home Plus Scheme

The NSW First Home Plus Scheme provides generous exemptions or concessions on transfer duty for eligible first home buyers. This includes vacant land on which you intend to build your first home.

The First Home Plus Scheme provides eligible purchasers with exemptions on transfer duty on homes valued up to $500 000 and concessions on duty for homes valued between $500,000 and $600,000.

Eligible purchasers buying a vacant block of residential land to build their home on will pay no duty on vacant land valued up to $300 000, and will receive concessions on duty for vacant land valued between $300,000 and $450,000.