Paul Denny Conveyancing

First Home Buyers

If you’re buying or building your first home, you may be eligible for benefits under the First Home Owner Grant Scheme and/or the First Home Plus Scheme.


250w_newhomebuyersThe First Home Owner Grant Scheme

 

The First Home Owner Grant Scheme gives people who are buying of building their first home a grant of $7000. The grant applies to residential dwellings only and does not apply to vacant land. Eligible first home owners can receive the grant regardless of their income and the area in which they are planning to buy or build. The grant is not means tested and no tax is payable on it. You may be eligible for the First Home Buyers Government Grant if:

  • You are buying your first home
  • You are building your first home or
  • You are buying a vacant block of land to build your first home.

 

 

250w_coupleboxes2First Home Plus Scheme 

 

The First Home Plus Scheme provides exemptions or concessions on stamp duty for people who are buying their first home in NSW. This includes buying vacant land on which you intend to build your first home. If you are buying your first home and the sale price is $500,000 or less you can have the stamp duty payment waived altogether (which means that you won’t have to pay stamp duty). If the price is between $500,000 and $600,000, you pay a discounted amount. The discount is reduced as the price increases until at $600,000 the full duty is payable.

 

To find out if you qualify for the First Home Owner benefits, call us on 1800 678 462.

For more information, please consult the Office of State Revenue website