As a NSW resident, you will agree that housing is expensive. This is due to many factors; the imbalance in supply and demand, low interest rates, high inflation, and tax policies spike property prices. Moreover, economists have also predicted that a drop in prices is not expected in the near future.
But, the NSW government has various schemes to make the property ladder accessible to all. One such program offered to homebuyers in New South Wales is the home owners grant NSW.
Today, we will discuss the important aspects covered under this scheme and how NSW’s homeowners can give you a financial boost.
Key Takeaway
The government now offers first-home buyer benefits in NSW for up to $10,000! The state-based grant is available for Australian residents who wish to buy their first property. It is essential to note that the grant is available only for first-time buyers.
Read the blog below to learn more about it!
What is the FHOG: First Home Buyer Benefits in NSW
The First Home Owners Grant in NSW is a scheme initiated by the Australian government. The grant, run by the state government, encourages more people to make their first real estate purchase.
Under this scheme, first-time homebuyers receive a one-off grant of $10,000, helping citizens & permanent residents to step into the property ladder. The grant can be utilised if you buy a new home or build your first property, whether that be an apartment, house, townhouse, or unit.
Eligibility Criteria For First Home Owners Grant in NSW
Let us know what makes a property buyer eligible for this financial assistance. Here are some general check-points that determine the eligibility:
- The applicant must be above 18 years old.
- The grant is not applicable for first home purchases for companies or trusts.
- The applicant (at least one of the members) should be a permanent resident or citizen of the country.
- The claimant should not have purchased (and/or co-purchased, jointly or separately) a property before 1 July 2000.
- If you (or your spouse) have received the first-home buyer benefits in NSW, you will no longer be eligible for this scheme.
- For Brand New Properties
The purchase price should not exceed $750,000 when buying a new property.
- For Wholly or Substantially Renovated Homes
For homeowners buying renovated homes, your eligibility will also factor in the following checkpoints:
- Most of the home sites were replaced or removed during renovation.
- None (including tenants, builders, or sellers) must have lived in the property during, before, or after the renovation.
- After renovation, it must be the first sale of the house.
- For Rebuild Projects
If you are building a property, the total price should not exceed $750,000 (including the overall prices for the land and building contractor).
Note: You can claim the benefits if you bought a property after 1 July 2000 but didn’t make it your primary residence for more than 6 months. For instance, if you inherited a property but were sold immediately, you are eligible for this one-off grant.
In addition, if you opt for this incentive, you must occupy your property as your primary residence within 12 months (from the construction or purchase period).
- The Minimum occupancy period: 6 months (For contracts signed before 1 July 2023)
- The Minimum occupancy period: 12 months (For contracts signed after 1 July 2023)
Get first home buyer assistance in NSW from our experts today!
What’s the Application Process?
The application process for the first home owner grant in NSW is straightforward. There are two ways to proceed with the application procedure.
Apply on Your Own
You can apply online by following the official link:
https://www.firsthome.gov.au/apply/nsw/
When you apply for the grant independently, create your MyRevenueNSW account. Subsequently, complete the application form and submit supporting documents for your identification and property ownership.
Apply through your first home lender
To make the process convenient, homeowners prefer to opt for first time home buyers assistance in NSW. FHBA is one such leading advisor that helps manage finance for first-time buyers. Hire our experts and discuss your eligibility for this government-aided scheme. In addition, our team will handle the tedious documentation and application process.
Get in touch with us today!
Buy Your Dream Home With FHBA
With the New South Wales First Home Owners Grant offering up to $10,000, there’s never been a better time to step onto the property ladder.
Don’t miss out on this incredible opportunity to make your homeownership dreams a reality. We are your trusted advisor for first-home buyers in NSW!
