First Home Buyer
Assistance Scheme
First Home Buyer
Assistance Scheme
The First Home Buyer Assistance Scheme is a government initiative aimed at helping first-time homebuyers in New South Wales. The scheme provides eligible buyers with exemptions or concessions on transfer duty and other related fees.
To be eligible for the scheme, applicants must be buying a new or existing home in NSW, and they must be Australian citizens or permanent residents. Additionally, the property must have a value of less than $800,000, and the applicant must be a first-time buyer who has not owned a residential property before.
The benefits of the First Home Buyer scheme include:
- Exemption from transfer duty for properties up to $650,000
- Concession on transfer duty for properties between $650,000 and $800,000
- Eligibility for the First Home Owner Grant (FHOG) of $10,000 for new homes, and $5,000 for existing homes
First Home Owner Grant (New Homes)
The First Home Owner Grant (FHOG) is a national scheme that provides a one-time payment to first-time homebuyers who are purchasing or building a new home. The grant is designed to assist with the costs associated with buying or building a new home, such as stamp duty and other fees.
To be eligible for the FHOG in New South Wales, applicants must be buying or building a new home with a value of less than $600,000. Additionally, they must be Australian citizens or permanent residents, and they must be over 18 years old.
The FHOG provides eligible applicants with a one-time payment of $10,000. However, if the value of the new home is less than $750,000, a partial grant may be available.
HomeBuilder Grant
The HomeBuilder Grant is a federal government initiative aimed at stimulating the construction industry and supporting the economy during the COVID-19 pandemic. The grant provides eligible homeowners with a one-time payment of $25,000 to assist with the costs associated with building a new home or renovating an existing one.
To be eligible for the HomeBuilder Grant, applicants must be over 18 years old and be an Australian citizen or permanent resident. Additionally, they must be building a new home with a value of less than $750,000, or renovating an existing home with a value of between $150,000 and $750,000.
Applicants must also meet income eligibility requirements, with a maximum income of $125,000 for individuals and $200,000 for couples. The grant is only available for contracts signed between 4 June 2020 and 31 March 2021, and construction or renovation must commence within three months of the contract date.
In summary, the NSW Government provides a range of grants and assistance schemes to help first-time homebuyers in New South Wales.
These schemes include the First Home Buyer Assistance Scheme, which provides exemptions or concessions on transfer duty and related fees, the First Home Owner Grant (New Homes), which provides a one-time payment of $10,000 for eligible first-time homebuyers purchasing or building a new home, and the HomeBuilder Grant, which provides a one-time payment of $25,000 to eligible homeowners building a new home or renovating an existing one.
Eligibility requirements vary for each scheme, so it is important for first-time homebuyers to understand the specific criteria for each program to determine which one may be suitable for their circumstances. As a conveyancer, I can help guide first-time homebuyers through the process of applying for these grants and assistance schemes, ensuring they meet all the necessary requirements and complete the necessary documentation.
