First Home Buyers Government Grant
If you are buying a new home which is your first home or building your first home, you may be eligible for benefits under the First Home Owner Grant Scheme. The First Home Owner Grant Scheme is fully funded by the NSW Government and administered by the Office of State Revenue.
To qualify you must purchase the property as an individual (not a company) and be over 18 years of age. If you have a spouse or a de facto partner, they must also not have owned property in any State or Territory.
The total value of the property must not exceed the cap amount. The cap amount is reviewed from time to time. From 1 October 2012 the cap amount is $650,000.00. You must occupy the property as your principal place of residence for a continuous period of 6 months which must commence within 12 months of the date of settlement or the construction of your home.
If you are buying a new home which is your first home or building your first home, you may qualify for an exemption or discount on the Contract stamp duty.
Please feel free to call Solari & Stock Lawyers and speak to one of our experienced property solicitors so we can advise you as to whether you are eligible for any grants or exemptions.