First home benefits
The New South Wales Government is committed to helping as many young people as possible to buy their first home. We are about getting more young families into their first home and helping them to get on with establishing their lives.
First home benefits are available under the First Home Owner Grant and the First Home—New Home Schemes.
First Home Owner Grant changes
From 1 October 2012, the $7,000 First Home Owner Grant will be replaced by the $15,000 First Home Owner Grant (New Homes) Scheme.
First home owners who purchase or build a new home where the eligible transaction commencement date (contract date) is on or after 1 October 2012 will be eligible for the $15,000 grant. The grant will reduce to $10,000 on 1 January 2016 for eligible transactions which have a commencement date (contract date) on or after 1 January 2016.
The $7,000 first home owner grant for established properties ends on 30 September 2012 and will not be available where the eligible transaction commencement date (contract date) is on or after 1 October 2012.
First Home Owner Grant cap
The current cap of $835,000 applies where the eligible transaction commencement date falls on or after 1 January 2011 and on or before 30 September 2012.
On 1 October 2012, the cap reduces to $650,000. The $650,000 cap will apply to all new home transactions where the commencement date of the eligible transaction is on or after 1 October 2012. Applicants who purchase a new home or build a home which has a total value of more than $650,000 will not be eligible for the First Home Owner Grant (New Homes) Scheme.
First home benefits received for top 20 NSW suburbs and towns
Warning on tax related scams
The ATO has warned the community to be alert to tax related scams in the lead up to tax time.
If you think you have been a victim of a scam that relates to the Office of State Revenue, please contact us on 1300 130 624.
See the ATO's media release for more information:
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