Finance And Loans/First Home Owners Grant

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First Home Owners Grant

If you are buying or building your first home, you may be eligible for benefits under the First Home Owner Grant Scheme and/or the First Home Plus Scheme.The First Home Owner Grant Scheme is a joint Australian and NSW Government initiative offering eligible NSW first home buyers a $7000 grant. The grant applies to residential dwellings only and does not apply to vacant land.The First Home Plus Scheme provides exemptions or concessions on transfer duty and mortgage duty for eligible first home buyers. This includes vacant land on which you intend to build your first home.Both schemes are administered by OSR to help first home buyers in NSW to purchase or build their first home.There are no income or assets tests to qualify for the benefits.

The First Home Owner Grant Scheme (FHOGS) is a joint Australian and NSW Government initiative to help first home owners. The grant provides a $7000 benefit to eligible applicants. Eligible first home owners can receive the grant regardless of their income, the area in which they are planning to buy or build, or the value of their first home. The grant is not means tested and no tax is payable on it

FHOGS is available to people buying or building their first home and who meet the following eligibility criteria:

Each applicant is a natural person and not a company or trust
At least one applicant is a permanent resident or Australian citizen
Each applicant must be at least 18 years of age
All applicants and/or their spouse/de facto have not owned a residential property, jointly, separately or with some other person, in any State or Territory of Australia before 1 July 2000
All applicants and/or their spouse/de facto have not owned on or after 1 July 2000 a residential property and occupied that property jointly, separately or with some other person in any State or Territory of Australia for a continuous period of at least six months
Each applicant has entered into a contract for the purchase of a home or signed a contract to build a home on or after 1 July 2000. In the case of an owner-builder, laying of the foundations commenced on or after 1 July 2000
This is the first time an applicant and/or their spouse/de facto will receive a grant under the First Home Owner Grant Act 2000 in any State or Territory (unless subsequently repaid)
At least one applicant will occupy the home as their principal place of residence for a continuous period of six months, commencing within 12 months of settlement or construction of the home.

What is the First Home Plus Scheme?

The First Home Plus scheme provides exemptions or concessions on transfer duty and mortgage duty for people who are buying or building their first home in NSW. This includes buying vacant land on which you intend to build your first home

The First Home Plus Scheme provides eligible purchasers with exemptions on transfer duty and mortgage 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.

To qualify for First Home Plus you must meet the criteria listed below:

The contract and the transfer must be for the purchase of the whole of the property.
All purchasers must be ‘eligible purchasers’.
At least one eligible purchaser must occupy the home as their principal place of residence for a continuous period of six months, commencing within 12 months of completion of the agreement.
An ‘eligible purchaser’ is a natural person (ie not a company or trust) at least 18 years of age who has not, and whose spouse/de facto has not:
- At any time owned (either solely or with some one else) residential property in Australia other than property owned solely as trustee or executor.
- Previously received an exemption or concession under First Home Plus