Eligibility for NSW First Home Owner’s Grant
Property is one of the largest and most expensive assets an individual will acquire within their lifetime. With Australian property prices on the rise, for first home buyers wanting to secure their first property every additional bit of help will make a significant difference.
In NSW, the State Government provides assistance for first home buyers for stamp duty, together with the First Home Owner’s Grant. The First Home Owner’s Grant is a grant of $10,000 that is payable to a first home buyer to either purchase a new home or to build their own home and is usually paid either on settlement or within 6 weeks of settlement, depending on how the application is lodged.
To qualify for the First Home Owner’s Grant, a purchaser must meet certain requirements. The requirements are as follows:
- The home is either a brand new home or a block of land that the purchaser intends to construct a new home on;
- The property value must not exceed $750,000;
- The purchaser must be an individual who is an Australian citizen/permanent resident;
- The purchaser must be over 18 years of age;
- The purchaser has never owned property elsewhere in Australia; and
- The purchaser must live at the property for a minimum period of 6 months.
In short, the First Home Owner’s Grant does not apply for existing property or if you have owned property in Australia previously.
To find out more information about your eligibility for the First Home Owner’s Grant, please contact one of our specialist Property Lawyers who can assist with the application process and its procedural requirements.