First Home Buyers

First home buyers in NSW can receive $15,000. From 1 January 2016 this will be reduced to $10,000.

This is only available for to buy a new home or to build your own new home. The property is required to be worth $750,000 or less.

Properties that are applicable include:

  • A home that has not been previously occupied, including occupation by the builder, a tenant or other occupant
  • A home that has not been previously sold as a residence. Where the home is being purchased, it must be the first sale of that home
  • A home that has been substantially renovated and a home built to replace demolished premises.

There is no grant available for purchasing established houses.

As a condition of the FHOG, buyers will need to occupy the property for a six month continuous period, within 12 months of completion.

 

Duty exemptions are available when purchasing new properties valued up to $550,000 and concessions exists for those from $550,000 to $750,000.

Those buying vacant land will pay incur no duty on vacant land valued up to $350,000 and concessions exists for properties valued between $350,000 to $450,000.

To be eligible, you must not have owned and occupied (for more than six months) a home in Australia after 1 July 2000 and you cannot have owned a property before this time.

Those who are in the Defence Force and on the NSW electoral roll may be able to see the length of time they are required to live in the home reduced.