The First Home Buyers Assistance Scheme
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From 1 july 2023, a full exemption from transfer duty will be available if you are buying a new or existing home valued up to $800,000, while homes valued over $800,000 and less than $1,000,000 may qualify for a concessional rate.
If you are purchasing vacant land on which you intend to build a home, you may receive an exemption for land valued up to $350,000 and a concessional rate for land valued over $350,000 and less than $450,000.
First Home Owner Grant Scheme
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A $10,000 First Home Owner Grant (FHOG) is available when you buy or build your first new home.
Your first new home can be a house, townhouse, apartment, unit or similar that is newly built, purchased off the plan or substantially renovated.
The grant is not available for established homes.
If you purchase a newly built house, townhouse, apartment, unit or similar the purchase price must not exceed $600,000.
If you purchase vacant land and sign a building contract with a builder then we add the value of the vacant land plus the value of the comprehensive home building contract plus the cost of any building variations done together. The total combined cost must not exceed $750,000.
- If you purchase a home which was substantially renovated by the seller, the purchase price must not exceed $600,000.
- You may be eligible for the grant if:
- most of the home was removed or replaced
the seller, builder or a tenant has not lived in the home prior to, during or after renovations
it is the first time the home has been sold since completion of renovations.
This means the first sale of a property will not be a new home if the person who built it lived in it, leased it out or used it for short-term accommodation.
The first home owner grant may be paid in addition to other exemptions or concessions for eligible homebuyers.
The First Home Owner Grant (New Homes) Scheme the office of state revenue also offers new south wales residents the first home owner grant (new homes) scheme, providing a $10,000 grant to assist first homeowners in purchasing a new home or building their home. Here are the eligibility criteria:
- from 1 july 2023, the first home owner grant cap for new home purchases is $600,000; for a property where you enter into a contract to build, or are an owner-builder, the total value cannot exceed $750,000.
- the scheme applies to new homes only, including homes that have not been previously occupied or sold as a residence, substantially renovated homes, and homes built to replace demolished premises.
- for eligible transactions made on or after 1 january 2016, the grant amount is $10,000.
Eligibility for the $10,000 grant requires meeting specific criteria, including:
- 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 has never held a relevant interest in any residential property in australia prior to 1 july 2000.
- the value of the property must not exceed the first home owner grant cap.
To apply, applications must be lodged within 12 months of completion or settlement of your new home. Path legal’s conveyancing team can assist you with the application process and documents.