If you’re a first home buyer building a new home, you may be entitled to $10,000 under the First Home Owners Grant scheme.
The NSW Government has introduced a range of incentives and tax concessions such as the First Home Owners Grant (also known as the first home buyers grant) to help encourage the purchase of new homes in Australia.
What is the First Home Owners Grant?
The First Home Owners Grant is a one-off $10,000 grant that is available to a first home buyer that is buying or building a new home. The land and home value must be no more than $750,000 and the purchase price of the new home must be $600,000 or less.
What is the First Home Buyer Assistance scheme?
In NSW, first home buyers are eligible for full or partial stamp duty exemption if the value of the home is no more than $800,000. Unlike the First Home Owners Grant, the First Home Buyer Assistance scheme applies to buying an existing home, buying a new home and purchasing vacant land where you intend to build a home.
What is the HomeBuilder scheme?
Owner-occupiers can receive a grant of $25,000 to build a new home, undertake significant renovations to an existing home or buy an off-the-plan home. To be eligible, the contract must be signed between 4 June and 31 December 2020.
To learn more about eligibility, requirements and how to apply, visit the Revenue NSW website.
You can also calculate your stamp duty using the online transfer duty calculator.