UPDATED... Changes to First Home Buyers Benefits

The NSW Government has also announced the Budget will include measures to help even more families get into the housing market – with the threshold for the First Home Owner Grant for new homes boosted to $750,000.

Changes to First Home Buyers Benefits

Buying your first home should be an exciting and enjoyable experience, and with a little research it can be.

If you are a first home buyer you may be entitled to more than $35,000 in grants from the NSW government, and it is important you understand your eligibility to maximise your benefits.

First Home Owner Grant

The First Home Owners Grant is a payment of $15,000 to assist new home buyers purchase or build their first home. There are no income or assets tests to qualify for the benefits - but you must not have owned a home before. The grant only applies to new homes, under $650,000, that have never been occupied or sold as a residence before the purchase.

This grant will apply where the commencement date (contract date) is on or after 1 October 2012. The FHOG (New Homes) grant will reduce to $10,000 on 1 January 2014.

First Home - New Home Scheme

The First Home - New Home Scheme provides eligible purchasers with exemptions on transfer duty on new homes valued up to $550,000 and concessions on transfer duty for new homes valued between $550,000 and $650,000.

Eligible purchasers buying a vacant block of residential land to build their home on will pay no duty on vacant land valued up to $350,000 and will receive a concession on duty for vacant land valued between $350,000 and $450,000.

For more information on the First Home Benefits available from the NSW government, click here. 

If you have any questions feel free to call Marcus Bortolussi on 0414 879 847 or email marcus@bortolussi.com.au