First Home Owners Grant and Stamp Duty Concessions NSW

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First Home Owner Grant (New Homes) scheme

The First Home Owner Grant Scheme was established to assist eligible first home owners to purchase a new home or build their home by offering a $15,000 grant. Note that the grant only applies to NEW HOMES – New “Off the plan” homes and apartments are admissible.

The Scheme will reduce to $10,000 on 1 January 2016.

Who is eligible?

To be eligible for the $15,000 grant:

  • the contract date must be on or after 1 October 2012
  • the home is a brand new home
  • you are over 18
  • you or 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 may be eligible if you or 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.

  • the value of the property must not exceed the First Home Owner Grant Cap of $650,000 for contracts dated between 1 October 2012 to 30 June 2014
  • the value of the property must not exceed the First Home Owner Grant Cap of $750,000 for contracts dated on or after 1 July 2014
  • 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
  • each applicant must be a natural person and not a company or trust.

STAMP DUTY:

  • May also be eligible for additional concession on stamp duty
  • No stamp duty to $550K ($20K saving)
  • After $550K the stamp duty comes into effect on a sliding scale to a maximum of $650K then between $650,000 to $750,000 goes to full stamp duty.

Source: http://www.osr.nsw.gov.au/grants/fhog

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You can also call us on (02) 9699 9179 for additional information on suitable investment properties for sale or visit us online at http://www.infinityproperty.com.au

Author: Bernie Tynes

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About Infinity Property Agents

Infinity Property Agents manage the sale, property management, leasing, valuations, cleaning of properties in East: Maroubra ,Kingsford and Kensington Lower North: Mosman, Neutral Bay, Crows Nest and North Sydney Inner City : Alexandria, Waterloo, Zetland and Rosebery As an independent property management company, we offer a more personalised service, with over 400 happy clients and a dedicated team of property professionals with expertise of over 20 years experience in the local property market. We are always on the look out for talented agents and welcome contact via our website at http://www.infinityproperty.com.au/
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