Useful information for first home owners in NSW

As part of its Mini-Budget Announcement on 11 November 2008 the NSW Government issued a financial statement that introduced the following measures:

Effective from 11 November 2008 a NSW New Home Buyers Supplement of $3,000 will be added to the existing $7,000 grant for eligible First Home Owner Grant applicants building a new home or buying a newly constructed home. The $3,000 Supplement will be available for 12 months (11 November 2008 to 10 November 2009 inclusive), at which time it will be reviewed in the context of the property market. This Supplement is in addition to the $14,000 provided under the Commonwealth’s First Home Owner Boost scheme. This will give eligible First Home Owner Grant applicants building a new home or buying a newly constructed home a total of $24,000.
Effective from 1 July 2009 (subject to Federal Government approval) the First Home Owner Grant and NSW New Home Buyers Supplement will be capped and only be available for properties valued up to $750,000.

See if you qualify for the First Home Plus stamp duty and mortgage duty exemptions

Proof of Identity requirements have been introduced for First Home Plus applicants.

To qualify for First Home Plus the buyer must meet the criteria listed below:

The contract and the transfer must be for the purchase of the whole of the property.
All purchasers must be ‘eligible purchasers'
At least one eligible purchaser must occupy the home as their principal place of residence for a continuous period of six months, commencing within 12 months of completion of the agreement.
An ‘eligible purchaser' is a natural person (ie not a company or trust) at least 18 years of age who has not, and whose spouse/de facto has not:
- At any time owned (either solely or with some one else) residential property in Australia other than property owned solely as trustee or executor.
- Previously received an exemption or concession under First Home Plus.

For more information follow the link below to the Office of State Revenue, First Home Benefits factsheet.

FHOGS is available to people buying or building their first home and who meet the following eligibility criteria:

Each applicant is a natural person and not a company or trust.
At least one applicant is a permanent resident or Australian citizen.
Each applicant must be at least 18 years of age.
All applicants and/or their spouse/de facto have not owned a residential property, jointly, separately or with some other person, in any State or Territory of Australia before 1 July 2000.
All applicants and/or their spouse/de facto have not owned on or after 1 July 2000 a residential property and occupied that property jointly, separately or with some other person in any State or Territory of Australia for a continuous period of at least six months.
Each applicant has entered into a contract for the purchase of a home or signed a contract to build a home on or after 1 July 2000. In the case of an owner-builder, laying of the foundations commenced on or after 1 July 2000.
This is the first time an applicant and/or their spouse/de facto will receive a grant under the First Home Owner Grant Act 2000 in any State or Territory (unless subsequently repaid).
At least one applicant will occupy the home as their principal place of residence for a continuous period of six months, commencing within 12 months of settlement or construction of the home.

For more information follow the link below to the Office of State Revenue, First Home Benefits factsheet.

To estimate your stamp duty in NSW, follow the link below for the Office of State Revenue Land Tax Calculator.

To estimate your mortgage duty in NSW, follow the link below for the Office of State Revenue Land Tax Calculator.