First Home Owner Grant

Brazel Moore Lawyers, Gosford, Central Coast

Now is the perfect time to purchase your new home with the State Government’s First Home Owner Grant for new homes.

There have been various subsidies offered by the State Government over the years but as of 1 August 2021 the First Home Owner Grant (FHOG) is available for purchasers who want to buy their first home, townhouse, apartment, unit or similar newly built property including purchasing off the plan. You also may be eligible for this grant for the substantial renovation of a property.

If you are purchasing a newly built home including a house, townhouse, apartment, unit or the like, the purchase price must not exceed $600,000.00. You may also choose to purchase vacant land and enter into a building contract. In this case, the combined total of the land value, value of the contract and any alterations done must not exceed $750,000.00.

The First Home Owners Grant may be available to you in addition to other stamp duty exemptions for eligible home buyers.

To be eligible for the First Home Owner Grant, you must meet the following criteria –

1. Be at least 18 years of age;
2. Be purchasing the property as an individual and not as a company or trust;
3. If more than one Applicant, at least one Applicant must be a permanent resident of Australian citizen;
4. You nor any other purchaser or your spouse may have owned a home before 1 July 2000;
5. You must occupy the residence you are purchasing within 12 months from the date of construction or purchase and it must be your principal place of residence for a continuous period of not less than 6 months. Should you fail to remain in the property for a continuous period of 6 months, you will be required to repay the First Home Owner Grant back to the Government.

Revenue NSW regularly check First Home Owners Grant Scheme

Applicants for inaccuracies to compare data from various Government Agencies so it is important to provide the correct information when applying to this Scheme.

In order to prove your eligibility for the First Home Owner Grant, you will be required to provide supporting documentation including your Birth Certificate, your foreign passport if born overseas, Driver’s license, Medicare card and proof of your residential address in the form of a utility bill.

Further requirements are required on a contract to build a new home and for owner builders.

You will not be eligible for the First Home Owner Grant if you have previously received it or have owned a property before 1 July 2000.

There are various ways to apply for the First Home Owners Grant including visiting its list of approved agents who can assist you or, alternatively, by visiting the NSW Revenue website at https://www.revenue.nsw.gov.au/grants-schemes/first-home-buyer/new-homes.

It is always best to seek advice from an experienced Conveyancing Lawyer before entering into any contract for the purchase of a property. Call Geoff Brazel now on 4324 7699 for a friendly chat on the phone.