First home benefits
First Home Owner Grant changes
NSW New Home Buyers Supplement end
The $3,000 NSW New Home Buyers Supplement finished on 30 June 2010 and will not be available where the eligible transaction is dated after 30 June 2010.
First Home Owner Grant and First Home Plus continues
The $7,000 First Home Owner Grant and the exemption from duty of up to $17,990 under the First Home Plus Scheme will continue to be available after 30 June 2010.
First Home Owner Grant cap
From 1 January 2010, a $750,000 cap applies to all applications where the commencement date of the eligible transaction is on or after 1 January 2010. Applicants who purchase or build a home which has a total value of more than $750,000 will not be eligible for the grant.
Defence force exemption
The NSW Parliament has passed a specific bill for Australian Defence Force (ADF) personnel and exemptions for first home buyers.
The eligibility criteria have been amended to ensure currently serving defence personnel do not miss out on benefits available to other first home owners. These reforms will make it easier for defence personnel to realise the Australian dream of home ownership.
'The NSW Government has reformed the rules so the men and women protecting our country are not unfairly disadvantaged,' NSW Treasurer, The Hon. Eric Roozendaal, said.
A key regulation to the scheme is that a buyer must reside in the dwelling for six months, commencing within 12 months of settlement or construction of the home. This poses a problem for defence personnel who may be called away for duty at short notice. As a result, the legislation has been revised and permanent ADF members who are on the NSW electoral roll will now be exempt from the six month residence requirement. New South Wales is revising these residence provisions in order to give our servicemen and women one less thing to worry about while they are serving Australia's interests.
The New South Wales Government is committed to helping as many people as possible to buy their first home. They are about getting more young families into their first home than ever before and helping them to get on with establishing their lives.
First Home benefits received for top 20 NSW suburbs and towns
More information
You need Adobe Acrobat Reader 9.0 to view our PDF documents. Download the latest version free.
