First Home Owners Grant
The First Home Owner (New Home) Grant Scheme (FHOGS) is fully funded by the NSW Government and administered by the Office of State Revenue (OSR).
The Scheme was established to assist first home buyers to purchase their first home by offering a $7000 grant in 2000. For transactions after 2012, the grant only applies to first owners of new homes and has increased to $15,000 and will reduce to $10,000 after 1 January 2016.
Eligible first home owners can receive the grant regardless of their income or the area in which they are planning to buy or build as long as the home does not exceed $650,000. The grant is not means tested, and no tax is payable on it.
First Home Owner (New Homes) Grant Scheme
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
- 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.
- First Home New Home
- The First Home New Home Scheme allows qualified citizens and residents to be exempted from transfer duty on new homes or vacant land.
- at least one buyer must be an Australian 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 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.
If your spouse, partner, or other party has previously owned property or received a benefit from this scheme, you will not be eligible.
New Home Grant Scheme
The New Home Grant Scheme provides a grant of $5,000 to be used for the purchasing of new homes, homes off the plan, or the vacant land on which you intend to build a new house.
How to apply
Where do I apply for a grant?
Platinum Lawyers can assist you in every step of applying for FHOGS and completing the required Application forms. Application Forms are available here:
- Applications for First Home Owner (New Home) Grant Scheme http://www.osr.nsw.gov.au/node/478/attachment/latest
- Approved agents
How long do I have to apply for the grant after purchasing or building my home?
You have 12 months from completion of the eligible transaction to which your application relates to lodge your application. The Chief Commissioner has discretion to extend this period in exceptional circumstances, Platinum Lawyers Property Conveyancer is committed to low cost Fixed Fee Conveyancing throughout Sydney NSW
Please visit us to find out about First Home Owners (New Home) Grant or get your Conveyancing in Sydney done at an affordable price. Our Conveyancers can give you expert advice on applying and qualifying for the First Home (New Home) Owners Grant.
For more information, please visit the NSW government website. It is important to check this website regularly as schemes are only offered temporarily and are often replaced with new schemes. Prior to 2012, other schemes existed that gave first time home owners grants and concessions that no longer apply. For all transactions after 2012, those seeking grants must be purchasing a home for the first time that is also a new home in order to receive one. The First Home – New Home scheme also allows first time home owners purchasing a new home or building a new home on a vacant lot exemption from transfer duties. The New Home Grant scheme gives a grant of $5,000 to those purchasing or building new homes.
If any of these cases apply to you, or if you are uncertain, visit Conveyancer Sydney NSW for assistance. Our agents can help guide you through the process of determining your eligibility and drafting necessary documents. For all other questions, visit the NSW government website.
Platinum Lawyers are a Professional Conveyancer in Sydney specialising in Conveyancing. Conveyancer Sydney.com.au is a division of Platinum Lawyers (NSW) Pty Ltd.
Suite 502, Level 5, 75 Castlereagh Street
SYDNEY NSW 2000
Ph (02) 8084 2764