NSW First Home Buyers Grant: A Complete Guide

Designing your perfect home is not a dream that comes cheaply, but that’s where a NSW First Home Buyers Grant can make your goal more accessible and affordable!

Taking advantage of the First Home Buyers Grant in NSW for your first home build is a great way to get your foot in the door, however, there is a bit to it which can be a bit confusing is why we’ve put together this handy guide.

So, What is The First Home Buyers Grant of NSW?

If you’ve heard of it but you aren’t too sure about what it all means, the NSW First Home Buyers Grant is a financial assistance program designed to help first-time homebuyers in the state to build or purchase a new home and is commissioned by the New South Wales government through Revenue NSW.

More specifically, the First Home Buyers Grant in NSW offers a one-off grant to eligible individuals, or couples buying or building their first home, valued up to $750,000. Only valid for homes that haven’t been lived in before, the first home can be a house, townhouse, apartment, unit or similar that is newly built, purchased off the plan (the building of a new home), or substantially renovating an existing property (subject to conditions).

The aim of the First Home Buyers Grant in NSW is to address two major issues:

1. To ease the financial burden associated with purchasing or constructing a new home, allowing more people to achieve their dream of homeownership.
2. By providing this financial boost, the NSW government aims to stimulate the housing market and support economic growth.

This NSW First Home Buyers Grant is incredibly valuable for first-time buyers. By offering significant financial relief, more families will be encouraged to take the exciting steps towards owning their own home.

How Much is The First Home Buyers Grant in NSW?

The First Home Buyers Grant in NSW offers eligible first-time home buyers a generous $10,000 grant to help purchase or build their new home. For those building or buying a new home, the total value of the contract must be up to $750,000 to qualify.

There are a few additional conditions:

• Whether you are purchasing a newly built house, townhouse, apartment, or unit, the purchase price must not exceed $600,000.
• For vacant land and a building contract, the combined value of the land and the home construction must be within $750,000.
• The grant can also be applied to substantially renovated homes, provided the purchase price does not exceed $600,000 and the home has not been lived in before or after renovations.
  
  

Who is Eligible for the First Home Buyers Grant?

If you're dreaming of owning your first home in New South Wales, take a look below at who qualifies for the first home buyers grant:

• Age Requirement: You must be over 18 years of age.
• Citizenship: At least one applicant must be an Australian citizen or permanent resident.
• First-Time Buyer: You and your spouse or partner must not have previously owned or co-owned property in Australia (prior to 1 July 2000).
• Property Value for Homes: The value of the property must be less than $800,000 for a concessional rate on transfer duty, or $650,000 for a full stamp duty exemption.
• Property Value for Vacant Land: The land value must be less than $450,000 for a concessional rate on transfer duty, or less than $350,000 for a full exemption.
• Principal Place of Residence condition : At least one of the first home buyers must move into the home as their principal place of residence within 12 months of buying the property and live there continuously for 6 months (for contracts signed before 1 July 2023).
• Principal Place of Residence condition 2: At least one of the first home buyers must move into the home as their principal place of residence within 12 months of buying the property and live there continuously for 12 months (for contracts signed on or after 1 July 2023).
• Purchase Requirements: The purchase must be for a new or existing home, or vacant land in NSW, and the transfer must be for the whole property.
• Individual Applicant: You must apply as an individual, not as a company or trust. This requirement may be waived upon application.
• Never Received Grant: You and your spouse or partner must never have previously received an exemption or concession under the scheme.

For more detailed information and to ensure you meet all eligibility criteria, please contact Revenue NSW or visit their website. Taking advantage of the first home grant in NSW can bring you one step closer to making your dream home a reality!

Learn more about the things to consider when buying your first home.

Who Isn’t Eligible For The First Home Buyers Grant in NSW?

While the NSW First Home Buyers Grant offers a fantastic opportunity for many aspiring homeowners, there are specific conditions that can disqualify you from accessing the first home grant in NSW. You won’t be eligible for the grant if:

• You or your spouse have previously received a First Home Owner Grant anywhere in Australia.
• You or your spouse (jointly or individually) have previously owned a home or other residential property in Australia, either jointly or separately, before 1 July 2000.
• You or your spouse have previously lived for six continuous months or more in a home located in Australia that you owned (wholly or partially - on or after 1 July 2000).

You should know that there are some exceptions to these rules. You or your spouse may still be eligible for the NSW First Home Buyers Grant if you purchased a residential property after 1 July 2000 but you didn’t live in it for more than six continuous months.

Additionally, Australian Defence Force members may be exempt from the six or twelve-month residence requirement, as long as all buyers are on the electoral roll in New South Wales.

Understanding the eligibility criteria is the most crucial step in determining whether you will be able to successfully apply for the First Home Buyers Grant in NSW.

How to Apply For the NSW First Home Buyers Grant?

Applying for the NSW First Home Buyers Grant is not as difficult as you might think! You are able to apply directly through the NSW Government by visiting the Revenue NSW website. Here you'll find detailed instructions and the necessary forms to get you started.

You should also know that the application process involves providing proof of eligibility, including identification, proof of residency, and details of your property purchase or building contract, so you should gather this information before you start your application, so it will be smooth sailing.

The other thing you can do is speak to us at Eden Brae Homes. Our team is incredibly experienced in guiding first-time home buyers through the application process for the first home builders grant in NSW. We’ll help you to understand each step and that you have all the required documentation.

Know that we’re here to make the journey to homeownership as smooth and stress-free as possible. Whether you choose to apply directly or with the support of our experts, taking advantage of the NSW First Home Buyers Grant will bring you that extra step closer to making your dream home a reality.

Be Inspired To Build Your Dream Home With Eden Brae!

The First Home Buyers Grant in NSW is a fantastic opportunity that provides significant financial support so you can build your first home with Eden Brae. With our award-winning home designs and expert guidance, we’ll help you to get into your dream home sooner.

Why not take advantage of the NSW First Home Buyers Grant for house and land packages, and contact Eden Brae Homes today!