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First Home Buyers

First Home Buyer

NEW SOUTH WALES 


First home buyers in New South Wales can currently net a $15,000 grant - however this will be reduced to $10,000 as of 1 January 2016. This grant is only available to those who buy a new home or build their home. The property's value must not exceed $650,000. 

Their clarification of what falls under this bracket includes the following: 
• A home that has not been previously occupied, including occupation by the builder, a tenant or other occupant; 
• A home that has not been previously sold as a residence. Where the home is being purchased, it must be the first sale of that home; 
• A home that has been substantially renovated and a home built to replace demolished premises. 

To access the grant, applications need to be lodged within 12 months of completion of settlement. 

You must live in the property for a continuous six months within the 12 month completion date.

Duty exemptions are available for new properties, commencing from 1 January 2012, for properties valued up to $550,000 and concessions for those from $550,000 to $650,000. 

Those buying vacant land will pay no duty on vacant land valued up to $350,000, and concessions from $350,000 to $450,000. 

To be eligible, you must not have owned and occupied (for more than six months) a home in Australia after 1 July 2000, and you cannot have owned a property before this time.