The First Home Owners Grant NSW scheme was established to assist eligible first home owners to purchase a new home, build their own home or purchase a substantially renovated Home, by offering a $10,000 grant. The Scheme applies to new homes only.
The government gives you the First Home Owners Grant in the form of cash to add to your deposit and this is usually paid at the time of property settlement or if your building, when the slab is poured. As well as the NSW First Home Owners Grant NSW (New Homes) Scheme, you may also be eligible for the First Home (New Homes) Scheme which provides exemptions or concessions on transfer duty (Stamp Duty).
To be eligible for the First Home Owners Grant NSW, all applicants must have never purchased a property before. The property must be a new property to be built, a new existing property that has not previously been occupied or sold as a place of residence or an existing dwelling that has undergone substantial renovations. The value of the property must not exceed $835,000 and you are required to live in the property for a period of at least 6 consecutive months commencing within the first 12 months after purchase.
In addition to the First Home Owners Grant NSW is the First Home Plus Scheme which provides exemptions or discounts to land transfer stamp duty. For land purchases up to $300,000 and property purchases up to $500,000 you will be totally exempt from paying transfer duty. For land purchases between $300,000 and $450,000 and property purchases between $500,000 and $600,000 there is a sliding scale of discount applicable to the transfer stamp duty. For more details on the scale go to http://www.osr.nsw.gov.au/grants/complete/fhp
There are a few basic requirements you will need to meet when looking to apply for a home loan. To view these requirements, see our blog on Qualifying for a home loan.
Whether you’re currently renting or living with family members, the prospect of buying your very own home is as exciting as it is daunting. The mortgage market is one of the most competitive in Australia today so how do you find the right solution, without the stress?
Assured Lending Mortgage Brokers can help you get started. We can give you some initial advise over the phone and are happy to make a free appointment with you at our office in Parramatta or we will come to you in your own home to discuss your options with you and get you started on realising the great Australian property dream of owning your own home. Our service is free to you as the Lenders pay us a commission for referring your loan.
We will show you in easy to understand terms what your options are and how you can structure your finances to meet your goals. We will guide you step by step through the process of the First Home Owners Grant NSW, setting up Guarantors, other fees and charges you need to be aware of, getting your deposit in order, legal requirements and we will supply you with a free detailed property report on the home you are looking at to make sure you are making a well inform decision. Once you are ready to go ahead, we will submit your application and conduct all correspondence with your lender so you don’t have to worry about a thing. We will keep you updated through the entire process so you know exactly what is happening and what to expect next.