NSW First Home Owner Grant vs Stamp Duty Assistance — They Are Not the Same

Two programs, two rulebooks

The First Home Owner Grant (New Homes) is a $10,000 grant for eligible buyers of a newly built or substantially renovated first home. It is not available for an established home.

For an eligible newly built home, the purchase price cap is currently $600,000. For eligible land plus a comprehensive building contract, the combined value cap is $750,000.

Transfer-duty assistance is separate

The First Home Buyers Assistance Scheme deals with transfer duty. Eligible new or existing homes up to $800,000 may receive a full exemption, with a concession above $800,000 and below $1 million.

A buyer may potentially qualify for more than one type of assistance, but each program has its own eligibility and residence rules.

Budget with confirmed benefits only

Do not count a grant or duty saving into your purchase budget until you have checked current eligibility.

Message FIRST HOME with property type + price + suburb and Thao can help you organise the questions to confirm with Revenue NSW/lender/conveyancer.

Thao Pham | 0452 526 888 | info@eltnetwork.com | Class 1 Licensed Real Estate Agent — Licence No. 20375265

General information only. Revenue NSW administers these programs.

Source

Revenue NSW — First Home Owner (New Homes) Grant; First Home Buyers Assistance Scheme.