First Home Buyers Grant
The First Home Owner Grant (New Homes) provides a grant of $10,000 to help eligible first home buyers to purchase or build a new home.It replaces the $15,000 First Home Owner Grant from 1 January 2016. So for eligible Building Contracts made on or after 1 January 2016, the grant amount is $10,000.
What is a new home?
A new home is a home that has not been previously occupied or sold as a place of residence and includes a home that has been substantially renovated and a home built to replace demolished premises.
Note:
- A home that has been occupied, including by the builder, a tenant or any other occupant is not considered a new home.
- Where the home is being purchased, it must be the first sale of that home.
Am I eligible?
- the contract date must be on or after 1 January 2016
- the home is a brand new home
- you are over 18
- you or your spouse (including de facto spouse) have never held a relevant interest in any residential property in Australia prior to 1 July 2000However, you may be eligible if you or your spouse, including de facto spouse, have only had a relevant interest in any residential property in Australia on or after 1 July 2000 and you have not resided in that property for a continuous period of at least 6 months.
- the value of the property must not exceed the First Home Owner Grant Cap of $750,000
- you have not received a first home owners grant in any State or Territory, unless subsequently repaid
- you need to live in the home for a continuous period of at least 6 months
- at least one applicant is a permanent resident or Australian citizen
- each applicant must be a natural person and not a company or trust.
If your contract is dated prior to 1 October 2012, visit the First Home Owner Grant page.
If you cannot meet all of the eligibility requirements, you are not eligible to receive the grant. If you receive the grant and fail to meet the eligibility requirements (for example, not living in the home for a continuous period of at least 6 months), you need to payback the grant. Failure to do so can result in prosecution and penalties up to $11,000.
If you are part of the Australian Defence Force and all applicants are on the New South Wales electoral roll, you may be eligible for an exemption from the 6 month residence requirement.
How can I apply?
.Applications lodged with financial institutions will have the grant available for settlement or for the first draw down on contracts to build. For a list of approved agents, visit the Approved agents page.
If applying directly with us, the house must be complete and you must be registered on title.
Applications must be lodged within 12 months of completion or settlement of your new home. Your agent (for example, a solicitor or conveyancer) can help you lodge your application and documents with us.
Original Article: Office of State Revenue
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