First Home Owner Grant (New Homes) scheme
The First Home Owner Grant (New Homes) scheme was established to help eligible first home owners to purchase a new home or build their home by offering a $15,000 grant.
The Scheme applies to new homes only and will reduce to $10,000 on 1 January 2016.
Are you eligible?
To be eligible for the $15,000 grant:
- the home is a brand new home
- you are over 18
- you or your spouse (including de facto spouse) have never held a relevant interest in any residential property in Australia prior to 1 July 2000. Though you may still be eligible if you or your spouse, including de facto spouse, have only had a relevant interest in any residential property in Australia on or after 1 July 2000 and you have not resided in that property for a continuous period of at least 6 months.
- the value of the property must not exceed the First Home Owner Grant Cap of $750,000 for contracts dated on or after 1 July 2014
- you have not received a first home owners grant in any State or Territory, unless subsequently repaid
- you need to live in the home for a continuous period of at least 6 months
- at least one applicant is a permanent resident or Australian citizen
- each applicant must be a natural person and not a company or trust.
What is a brand new home?
A new home is:
- a home that has not been previously occupied, including occupation by the builder, a tenant or other occupant.
- a home that has not been previously sold as a residence. Where the home is being purchased, it must be the first sale of that home
- a home that has been substantially renovated and a home built to replace demolished premises.
On 17 June 2014, the State Budget brought news that the First Home Owner Grant (new homes) cap will increase from $650,000 to $750,000. This means that the total value of the new home being purchased or built by an eligible first home owner must not exceed the cap amount of $750,000, for contracts dated on or after 1 July 2014.
How to apply
You can apply for the grant through your financial institution or directly through the Office of State Revenue, by submitting an application form (Form OFH001). Applications must be lodged within 12 months of completion or settlement of your new home.
If your contract is dated prior to 1 October 2012, or for more information, visit the Office of State Revenue website at http://www.osr.nsw.gov.au/