What is the First Home Buyers Grant?

What is the First Home Buyers Grant

What is the First Home Buyers Grant?

The First Home Buyers Grant NSW is a government-funded program that offers financial assistance to first-home buyers. It’s designed to help you get into the property market by making your first home purchase more affordable.

First-home buyers grants can provide a boost in your savings for a home or to reduce the amount you need to borrow from a bank or financial institution.

First Home Buyers grant NSW offers a deduction for First Home Buyers to purchase their first home in NSW. In line with the scheme, a first home grant is offered subject to certain terms and conditions.

Conditions for the First Home Buyers Grant in NSW?

If you buy a newly constructed home, apartment, house, or similar living space your buying cost must not exceed $600,000.
If you purchase vacant land and sign a building contract with a builder then the value of the vacant land plus the value of the comprehensive home building contract plus the cost of any building variations will be added together. In total, the combined cost of your purchase cannot exceed $750,000.

If you are buying a newly renovated home from a buyer your buying cost should not exceed $600,000.

The seller should not live at the property after it is renovated. If a person built the home and lived there before selling it will not consider a newly renovated home.

Eligibility Criteria for First Home Buyers Grant in NSW

  • You must be 18 years & above.
  • You must be an individual, not an organisation, a private company, or a trust.
  • The applicant must be a permanent resident or an Australian citizen. You or your spouse, partner, or co-purchaser should be a first-time homebuyer and have not owned any home up until now.
  • To qualify for the first-time homebuyer grant, you must buy or build a new primary residence and live there for at least six months within one year of buying it.

First Home Buyer Assistance Scheme for Transfer (Stamp) Duty

The First Home Buyer Grant on Transfer (Stamp) Duty is available to first-time home buyers who purchase or build a new home and pay stamp duty. You must be an Australian citizen or permanent resident. You must have never owned a home in Australia before, and you can only claim the grant once.
The First Home Buyer Assistance Scheme provides a concession rate or full exemption to the transfer (stamp) duty process for a first home buyer in NSW.

For Buying Homes:

  • You can apply for stamp duty exemption if the value of your new or existing home is less than $650,000.
  • You can apply for a concession if the value of your new or existing home is between $650,000 and $800,000.

For Buying Vacant Land:

  • The value of vacant land should be below $350,000 then only you can apply for an exemption.
  • Concession will be applied on the price between $350,000 and $450,000 on vacant land.

How to apply?

You can directly apply on the NSW government website https://www.firsthome.gov.au/apply/nsw/

Applying for first home buyer grant through a Company

AffordAssist helps the first home buyer with their stamp duty process and also helps them to get the best deal for their new home. We will guide you through every step. It is a good idea to discuss with our agent about the stamp duty exemption and concession before applying. We will help you in filling the application form and assist you with other documents required for stamp duty exemption.

If you are thinking about buying your first home. Contact us to know more details about the first home buyers grant. We provide you with the solution for deposit on your home.

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