First Home Owner Grant
A $10,000 First Home Owner Grant (FHOG) is available in NSW, but only for people who buy or build a brand new home, including homes bought off the plan.
Buying your first home can be a challenging endeavour as it often requires a significant amount of time to save up for a deposit. However, every little bit of extra cash you save can bring you closer to achieving your goal of owning your own place. If you're planning to purchase a home in New South Wales (NSW), it's worth knowing about the First Homeowner Grant offered by the state, which can provide financial assistance and help you enter the market sooner.
What is the First Homeowner Grant?
If you're purchasing or constructing your first new home, you may be eligible for a First Homeowner Grant (FHOG) of $10,000. This grant is applicable to various types of properties such as houses, townhouses, apartments, units, or any other similar type of property that is newly constructed, bought off the plan, or extensively renovated.
How much can I spend?
To be eligible for the First Homeowner Grant (FHOG), the purchase price of a newly built house, townhouse, apartment, unit, or a similar property must not exceed $600,000.
If you're purchasing vacant land and have signed a building contract with a builder, then the total combined cost of the vacant land, comprehensive home building contract, and building variations must not exceed $750,000 to be eligible for the grant.
In the case of purchasing a home that has been substantially renovated by the seller, the purchase price must not exceed $600,000. To be eligible for the grant, most of the home must have been removed or replaced, and the seller, builder, or tenant must not have lived in the home before, during, or after the renovations. Additionally, the home must be sold for the first time since the completion of renovations.
It's important to note that a property cannot be considered a new home if the person who built it lived in it, leased it out, or used it for short-term accommodation.
If you meet the eligibility criteria, the First Homeowner Grant may be paid in addition to other exemptions or concessions for eligible homebuyers.