Tony ​LePage

15,000 reasons to buy your first home!

and

7,000 reasons to relocate to Port Stephens

​

Commonly known as the First Home Owners Grant and as you probably know, your eligible if purchasing your first home.

 

How does it Work?

And how much you get! 

 

Here we are looking at NSW, though the process is similiar across Australia with differences  between juristrictions.

 

In all states and mainland territories you have

two options when applying for a grant

 

Use an "approved agent", which is the bank or financial institution providing your mortgage.

       or

You can download the application, complete and lodge it yourself with the authorities once the sales transaction is complete.

Please be prepared to provide supporting paperwork to prove your eligibility including contract of sale, contract to build and proof of your idenity.

 

When you apply via a lending institution, usually grant funds will be available for settlement or the first construction progress payment.

 

When you apply directly to the government agency, most will pay directly into you bank account on completion of the purchase.

 

NSW Applications

 

In NSW there is a $15,000 grant for a new home purchased or $650,000 or less, and a Regional Relocation grant of $7,000 if you move from a metropolitan area to a home in a regional area.

 

There are also exemptions from transfer duty on new homes valued up to $550,000, as well as concessions for new homes valued between $550,000 and $650,000 and vacant land valued between $350,000 and $450,000.

 

You can find the grant form at  NSW OSR Application

 

In NSW the grant is paid as a credit against the transfer duty payable. If the grant is greater than the duty, the difference will be forwarded to you as a cheque.