The 2018 guide to the First Home Owners Grant in NSW
The first home owner grant (FHOG) in NSW. (Source: The NSW State Office of Revenue)
Under the FHOG in NSW, there are several schemes which have been developed to help first home buyers get into the property market sooner: The First Home-New Home Scheme, the First Home Owner Grant (New Homes) Scheme, and the New Home Grant Scheme.
The current FHOG, called the ‘First Home Owner Grant (New Homes) Scheme’ applies only to those buying new homes, and provides eligible purchasers with $10,000 to go towards purchasing or building a new home. This applies to anyone with an eligible transaction occurring after 1 January 2016.
If the eligible transaction occurred between 1 October 2012 – 31 December 2015, then the grant amount is $15,000.
First Home Buyers Assistance scheme
The First Home Buyers Assistance Scheme commenced from 1 July 2017. The scheme offers eligible buyers exemptions or concessions on property transfer duty. This includes an exemption from stamp duty for homes valued up to $650,000 and concessions on duty for homes valued between $650,000 and $800,000.
If you want to estimate the concession on a new home valued between $650,000 and $800,000, take the purchase price and multiply it by 21% then subtract $136,510.
The First Home-New Home scheme also provides a duty exemption on vacant land valued up to $350,000 and concessions for vacant land valued between $350,000 and $450,000.