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The New South Wales First Home Owners Grant (NSW FHOG) is an additional grant over and above the Federal First Home Owners Grant and provides first home buyers with assistance by way of providing stamp duty concessions.
Recently the NSW first home owners grant at a state level has introduced a fair system which doesn't penalise people who are entitled to the grant if they are purchasing with someone who is not entitled to the first home owners grant.
More information on this and other aspects of the First Home Owners grant are detailed below.
What is the amount of the grant?
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The Federal Government Grant is $7,000 |
Are there any stamp duty concessions?
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Yes, there is a full exemption of stamp duty up to a $500,000 purchase price |
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There are also concessions from $500,000 to $600,000 which are scaled |
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Vacant land also attracts a concession but you must intend to build a home. There is a full exemption up to $300,000 and scaled concessions from $300,000 up to $450,000 |
Are there any concessions if my partner has previously owned a property but I haven't?
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Yes, as of the 1st May 2007 a provision has been put in place where a concession still apllies even though one of the applicants has held a relevant interest in property before. The amount of concession applied is directly related to the percentage ownership between the two applicants, for example if the first home buyer owns 70% of the property then the concession will be based on that figure. Bear in mind that to obtain the concession the first home owner must have at least a 50% interest in the property being purchased |
How do I apply for the first home owners grant?
You have a choice of applying for the first home owners grant through the state government, your solicitor or conveyancer or the lender you have chosen.
If you choose to apply through the state government or your solicitor/conveyancer then the funds from the first home owners grant will become available approximately 3 weeks after settlement.
The difference between choosing the above and going through your chosen lender is that the funds will be made available on the day of settlement.
For More Information about the First Home Owners Grant please visit the below URL's:
If there is anything else you need assistance with or if you wish to make an appointment with a home loan consultant then simply contact us and we will do the rest.
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