If you are looking to buy your first home, the NSW Government’s First Home Owner Scheme Grant makes it much affordable for you to move into your first home. NSW Government has allocated funds to help first-time homeowners manage the costs of buying a new home.
However, applying for one can be a complex process. We’re here to help you navigate the maze of NSW’s First Home Owner Grant (New Homes).
What is a First Home Owner Grant (New Homes) Scheme in NSW
The First Home Owner (New Homes) Grant (FHOG) is a $10,000 grant for first home buyers like you who are buying or building a new home.
You can apply for the First Home Owner Grant (New Homes) scheme (FHOG) through your bank or financial institution when you arrange finance to buy your new home if you are:
- Purchasing a newly constructed (or substantially renovated) home valued at less than $600, 000
- Purchasing land and the combined value of your building and land are less than $750,000.
You are not eligible for the grant if you are buying an existing home.
Source: Revenue NSW
How do I apply for the FHOG?
You can apply for NSW first home buyer schemes through the Revenue NSW. There are two forms you need to complete, and your solicitor or conveyancer can help you lodge after you’ve exchanged contracts with the property seller.
You can only lodge an application with the NSW Office of State Revenue once you are registered on the property title.
First Home / New Home (FHNP) – Stamp Duty exemptions and concessions
- New and old properties up to $650,000 = No Stamp Duty.
- New and old properties between $650,000 – $800,000 = concessions apply
- Effective July 1, 2017
Who is eligible for first homeowners grants in NSW?
The Office of State Revenue has given very specific criteria for First Home Owner Grant eligibility. These criteria are as follows:
✓The contract date must be on or after 1 July 2017
✓The home is a brand new home
✓You are over 18
✓You and your spouse (including de-facto spouse) have never held a relevant interest in any residential property in Australia
✓The value of the property must not exceed the First Home Owner Grant Cap of $750, 000
✓You have not received a first homeowner grant in any State or Territory unless subsequently repaid
✓You need to live in the property 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.