NSW New Home Buyer Incentives

Considering buying property in NSW?

Home buyer incentives offered by the NSW government include grants and stamp duty reductions.

New Home Grant of $5,000 from 1st July 2012

The NSW Government New Home Grant Scheme offers a $5000 grant to all non-first homebuyers who purchase a new home valued up to $650,000.00 from 1 July 2012. The grant is targeted at all non-first home purchasers and is available to investors as well as owner occupiers. It will be payable by reduction of stamp duty or a refund once stamp duty has been paid. It also applies to people who purchase vacant land valued up to $450,000.00 with the intention of building a new home. [1]

Changes to the New Home Grant Scheme were announced in the 2014 State Budget. These changes effect agreements for sale or transfer (where there is no agreement) entered into on or after 1 July 2014. More information can be found at the NSW Government Office of State Revenue.

First Home Owners Grant will increase from $7,000 to $15,000 from 1st October 2012 for newly built homes.

From 1 October 2012 the NSW First Home Owners Grant will increase from $7,000.00 to $15,000.00, although the grant will only be available to purchasers of newly built homes costing up to $650,000.00. The First Home Owner Grant will reduce to $10,000 on 1 January 2016 for eligible transactions which have a commencement date (contract date) on or after 1 January 2016. The grant applies to new homes only and does not apply to the purchase of an established home, vacant land, business premises or a holiday house.

First Home—New Home

The First Home—New Home Scheme provides first home buyers with exemptions on transfer duty on new homes valued up to $500 000 and concessions on duty for new homes valued between $500 000 and $600 000. Eligible purchasers buying a vacant block of residential land to build their home on will pay no duty on vacant land valued up to $300 000, and will receive concessions on duty for vacant land valued between $300 000 and $450 000. [2]

Conveyancing Guides:

Buying a House in the ACT
Selling a House in the ACT
Buying a House in NSW
Buying a Unit or Apartment in the ACT
Selling a Unit or Apartment in the ACT

For more information please contact one of our experienced property lawyers or conveyancers to make an appointment on 6206 1300, or by email on info@elringtons.com.au

[1]  NSW New Home Grant Scheme ( http://www.osr.nsw.gov.au/grants/nhg/)

[2] First Home—New Home NSW Office of State Revenue (http://www.osr.nsw.gov.au/grants/fhnh)