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.
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 Schemes were established to assist eligible first home owners by offering a total benefit of up to $41,990.
The First Home Owner Grant Scheme and the NSW First Home Buyers Supplement are fully funded by the NSW Government and together with the Boost are administered by the Office of State Revenue.
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 June 2008 to 31 May 2009
First home benefits received from 1 July 2000 to 31 May 2009
More information
