First Home owners Government grants, schemes and assistance

First Home owners & Government grants and assistance Schemes

 

Legend 

  1. First home owner grant
  2. First Home Buyer Assistance Scheme
  3. First Home Buyer
  4. Construction Grant Home Builder Scheme

 

  1. First home owner grant

If you’re a first home buyer and you’re buying or building a new home, you may qualify for a $10,000 grant under the First Home Owner Grant (New Homes) scheme if you purchase date was on or after 1 January 2016.

You can make a claim for the First Home Owner Grant if your:

  • newly constructed home or a substantially renovated home has a total value less than $600,000
  • land for building and any dwelling you intend to build has a combined value less than $750,000.

Eligibility requirements

To receive the grant when you buy your home:

  • you must be an individual, not a company or trust
  • you must be over 18
  • you, or at least one person you’re buying with, must be an Australian citizen or permanent resident
  • your purchase date must be on or after 1 January 2016.

Generally, you won’t be eligible for the First Home Owner Grant if you or your spouse:

  • have previously owned or co-owned a home in Australia or
  • have received an Australian first home owner grant.

You may still be eligible if you purchased a residential property after 1 July 2000 and didn’t live in it for more than six continuous months.

Residence requirement

You or one of the other first home buyers who purchase with must move into the new home within 12 months after buying the property, and live there for at least six continuous months.

If you’re buying land and building a new home, you must move in within 12 months after construction is complete.

If you’re a member of the Australian Defence Force you may be exempt from the six-month residence requirement, provided all buyers are on the New South Wales electoral roll.

What’s considered a ‘new home’?

If you’re buying an existing home, you can apply for the grant if:

  • this is the first time the house has been sold and
  • the house has never been lived in before you move in, including by the builder or a tenant.

Recently renovated homes

Your home is also considered new if it has been substantially renovated before you buy it. You might be eligible for the grant if:

  • most or all of the house was removed or replaced
  • this is the first time the home has been sold after those renovations
  • it hasn’t been lived in since being renovated, including by the builder or a tenant

 

  1. First Home Buyer Assistance scheme

If you’re a first home buyer, you may be entitled to a concessional rate of transfer duty or even an exemption from paying it altogether under the First Home Buyers Assistance scheme (FHBAS).

Unlike the First Home Owner Grant, the FHBAS applies to

  • buying an existing home
  • buying a new home and
  • vacant land on which you intend to build a home.

As a first home buyer, you may be eligible for a transfer duty concession or exemption.

  • If your home is valued at less than $650,000, you can apply for a full exemption so that you don’t have to pay transfer duty.
  • If the value of your home is between $650,000 and $800,000, you can apply for a concessional rate of transfer duty. The amount you’ll have to pay will be based on the value of your home.

How to apply

You can apply for the FHBAS after you’ve exchanged contracts with the previous owner.

When you’re ready to apply, download and complete:

  1. First Home Buyers Assistance scheme application form and
  2. Purchaser/Transferee Declaration form (individual) - Note: New interactive form with declaration tick boxes in place of statutory declaration.

You need to lodge your application forms and supporting documents with your solicitor or conveyancer.

Who’s eligible for the FHBAS?

To qualify for the FHBAS

  • the contract date must be on or after 1 July 2017 and must be for the whole property
  • you must be an individual, not a company or trust
  • you must be over 18
  • you, and your spouse or partner, must never have owned or co-owned residential property in Australia
  • you, and your spouse or partner, must never have received an exemption or concession under this scheme
  • at least one of the first home buyers must be an Australian citizen or permanent resident.

Requirements for living in the property

You or one of the other first home buyers must

  • move into the new home within 12 months after buying the property and
  • live there for at least six continuous months.

If you’re a member of the Australian Defence Force when buying your first home and you and everyone you’re buying with is on the NSW electoral roll, you won’t have to meet these living requirements

  1. First Home Buyer

As a first home buyer in NSW, you may be eligible for a duty exemption, concession and/or a grant.

What's on offer

Requirements

  • Buying or building your first home
  • It's a new home that no-one has lived in before
  • It's worth no more than $750,000
  • Find out about more requirements

Who can apply

To qualify as a first home buyer, you must be purchasing the first home you or your spouse have owned or co-owned in Australia, although there are some exceptions.

You must also move into the property within 12 months, and live there for at least six continuous months.

You must be:

  • an Australian citizen or a permanent resident of Australia
  • at least 18 years old.

 

  1. Government grant $25,000 Are you considering building a new home

The Government has announced grants of $25,000 to encourage people to build a new home or
substantially renovate their existing home.


The Home Builder scheme targets the residential construction market by providing tax-free grants of $25,000 to
eligible owner-occupiers, including first home buyers, to build a new home or substantially renovate their existing
home.


The grants will be distributed by the revenue office of the State or Territory where you live or plan to live.
There are a few complexities to this grant that both home builders/renovators and the building industry need to
be across before jumping in and signing a new contract on the expectation that the grant will apply.

Eligibility


Eligibility criteria apply to the individuals applying for the grant and the building project:
Individual eligibility


The HomeBuilder scheme is available to owner occupiers including first home buyers. It is not accessible to owner
builders, developers or investors.


To be eligible you need to be:

  • An individual (not a company or trust); and
    • 18 years of age or older; and
    • An Australian citizen.

And, you need to meet the income test. To be eligible, you cannot earn more than:

  • Individuals - $125,000 based on your 2018-19 or later tax return
    • Couples - $200,000 based on both of your 2018-19 or later tax returns
    The building project eligibility
    The building contract must be signed between 4 June 2020 and 31 December 2020. And, the construction or
    renovation must commence within three months of the contract date.

The grants are available if you build a new home or renovate a home to live in (your principal place of residence)
where:


New home* The property value (house and land) does not exceed $750,000
Renovation** Substantially renovate your existing home, where:

  •        The renovation contract is between $150,000 and $750,000, and
    •     The value of your existing property (house and land) does not
    exceed $1.5 million


* house, apartment, house and land package, off-the-plan, etc.
** renovation works must be to improve the accessibility, safety and livability of the dwelling. It cannot be for additions to the property
(such as swimming pools, tennis courts, outdoor spas and saunas, sheds or garages (unconnected to the property)).