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FIRST HOME OWNERS GRANT (NEW HOMES) AND FIRST HOME

If you are buying your first home, you may be eligible for various grants and schemes administered by the NSW Office of State Revenue.

First Home Owners Grant

The First Home Owners Grant scheme is available to people buying a new home or building their first home.
The scheme applies to new homes only and offers first home owners a $15,000 grant. Please note that on 1 January 2016 the grant will be reduced to $10,000

Eligibility

Your eligibility is determined on the facts and circumstances as at the commencement date of the eligible transaction. This is the date of the contract to purchase a new home or, for an owner builder, the date the foundations commenced to be laid.

Eligibility criteria

• The contract date must be on or after 1 October 2012
• The home is a brand new home
• You are over 18
• The value of the property must not exceed the cap of $650,000
• You have not received a First Home Owners Grant in any State or Territory, unless subsequently repaid
• You need to live in the home for a continuous period of at least 6 months
• At least one applicant is a permanent resident or Australian citizen
• You and your spouse (including de facto spouse) have never held a relevant interest in any residential property in Australia prior to 1 July 2000

However you and your spouse (including de facto spouse), have only had a relevant interest in any residential property in Australia on or after 1 July 2000 and you have not resided in that property for a continuous period of at least 6 months.

Please note that if you cannot meet all the eligibility requirements, you are not eligible to receive the grant. In addition, if you receive the grant and fail to meet the eligibility requirements, you will need to repay grant.

How to apply

You can apply for the First Home Owner Grant through your financial institution or OSR by submitting the following application. Applications lodged with financial institutions will have the grant available for settlement or for the draw down on contracts to build.
Applications can be lodged with OSR after completion and you are registered on title. Please note that applications must be lodged within 12 months of completion or settlement of your home.

First Home – New Home Scheme

The First Home – New Home scheme provides eligible purchasers with exemptions from transfer duty on new homes valued up to $550,000 and concessions for new homes valued between $550,000 and $650,000.

Eligible purchaser buying a vacant block of residential land to build their home will pay no duty on vacant land valued up to $350,000 and will receive concessions for vacant land valued between $350,000 and $450,000.

These rates apply from 1 July 2012.

Eligibility

To be eligible for the duty exemption or concession:

• At least one buyer must be an Australia citizen or permanent resident
• The agreement must be for the purchase of the whole property
• You must be a natural person, not a company or a trust
• You must be over 18
• You or your partner have not previously owned property in any form in any State or Territory
• At least one purchaser must occupy the home within 12 months and needs to live in the home for a continuous period of at least 6 months.

Please note that if you partner has previously owned a home or received a benefit from us under the First Home – New Home scheme, you will not be entitled to receive a concession or exemption.

How to apply

You can apply for the First Home Owner Grant through your financial institution or OSR by submitting the following application.
Applications must be accompanied by all supporting documentations. You must have already exchanged contracts to purchase the new home.