First Home Owner Grant Changes
NSW New Home Buyers Supplement
The NSW Treasurer has announced the NSW New Home Buyers Supplement has been extended to 30 June 2010.
A reminder to all FHOGS applicants:
We check that applicants have satisfied the residence requirements. The onus is on you as the applicant(s) to prove, when requested by us, that you have lived in the property as your principal place of residence within the specified 12 month period.
A new factsheet explaining the residence requirements for FHOGS and FHP is now available.
First Home Benefits
If you are buying or building your first home, you may be eligible for benefits under the First Home Owner Grant Scheme, NSW First Home Buyers Supplement, Australian Government First Home Owner Boost and the First Home Plus Scheme.
The Australian Government, as part of its phasing out of the Boost scheme, reduced the amount available for eligible transactions dated on or after 1 October 2009 and on or before 31 December 2009 by half. The Boost scheme will cease to be available for eligible transactions dated after 31 December 2009.
The NSW First Home Buyers Supplement will be available until 30 June 2010 and the $7,000 First Home Owner Grant and the First Home Plus schemes will continue to be available after 30 June 2010.
The following table identifies the grants available to first home owners during the stimulus period 14/10/2008 to 30/6/2010. The amount payable is determined by the date of your eligible transaction.
The total grant shown is in addition to any First Home Plus Duty exemption available to first home buyers. First Home Plus offers an exemption from duty of up to $17,990. When added to the grant payable, benefits up to $41,990 are available to first home owners in NSW.
The First Home Owner Grant, the NSW First Home Buyers Supplement and the First Home Plus schemes are fully funded by the NSW Government and together with the Boost scheme are administered by the Office of State Revenue.
Defence Force Exemption
Amendments to the First Home Owner Grant Act 2000 and Duties Act 1997 are proposed under the State Revenue Legislation Amendment (Defence Force Concessions) Bill 2009.
These amendments remove the residence requirement for eligible Australian Defence Force personnel to receive the First Home Owner Grant and the exemption from duty on the acquisition of their first home under the First Home Plus scheme. The applicants must meet the other eligibility criteria of these benefits schemes.
These amendments apply to eligible transactions entered into on or after 21 October 2009 and when at least one of the applicants is a member of the permanent Australian Defence Force as at the date of such transaction.
NSW New Home Buyers Supplement
First home buyers in NSW who qualify for the First Home Owner Grant and are buying a newly constructed home or building their first home may be eligible for an additional $3,000 payment known as the NSW New Home Buyers Supplement.
The $3,000 NSW New Home Buyers Supplement is in addition to the First Home Owner Grant and the Australian Government’s First Home Owner Boost.
Refer to NSW New Home Buyers Supplement factsheet for further information.
Commonwealth’s First Home Owner Boost
The First Home Owner Boost scheme is an Australian Government Scheme to assist first home buyers purchase or build their first home. The scheme is administered by the NSW Government and is in addition to the $7,000 First Home Owner Grant.
The Australian Government announced changes to Commonwealth’s First Home Owner Boost in the Federal Budget on 12 May 2009.
For contracts made between 14 October 2008 to 30 September 2009 (inclusive):
first home buyers who purchase established homes will receive a boost of $7,000 that will double the grant to $14,000
first home buyers who build a new home or purchase a newly constructed home will receive an extra $14,000 to take their grant to $21,000.
For contracts made between 1 October 2009 to 31 December 2009 (inclusive):
first home buyers who purchase established homes will receive a boost of $3,500 that will take their grant to $10,500
first home buyers who build a new home or purchase a newly constructed home will receive an extra $7,000 to take their grant to $14,000.
Refer to First Home Owner Boost factsheet for information.
First Home Plus Scheme
The NSW First Home Plus Scheme provides generous exemptions or concessions on transfer duty for eligible first home buyers. This includes vacant land on which you intend to build your first home.
Proof of Identity requirements have been introduced for First Home Plus applicants.
First Home benefits received from 1 November 2008 to 31 October 2009
First home benefits received from 1 July 2000 to 31 October 2009
More information
