• Home
  • About
    • Buyers Agent
    • Our Company
    • How We Are Different
    • Our Team
  • Who We Help
  • Experience
    • Past Purchases
    • Testimonials
  • Services
  • Resources
    • FAQ
    • Getting a Loan
    • Assistance for First Home Buyers
    • Selling Advice
    • Australian Foreign Investment Policy
    • Calculators
    • Links
  • News
    • Media Mentions
    • Facebook
  • Careers
  • Contact
OH Property Group
Call us  +61 2 8901 4818
  • Facebook
  • Twitter
  • Instagram

Home  /  Resources  /  Assistance for First Home Buyers

Assistance for First Home Buyers

On 1 July 2017, the NSW Government introduced a number of initiatives to help buyers purchase their first home.

What help is available?

There are various types of assistance available:

  • First Home Owners Grant (FHOG) worth up to $10,000 on the purchase of new homes;
  • Waiving of stamp duty if your first home costs less than $650,000;
  • Savings available on stamp duty payable on homes that cost $650,001-$800,000; and
  • Savings available on stamp duty payable on vacant land up to $350,000 (no stamp duty payable), with savings on stamp duty on vacant land from $350,001-$450,000.

First Home Owners Grant (New Homes)

  • First home buyers purchasing a new home worth up to $600,000 are entitled to a $10,000 grant.
  • First home buyers building a new home are entitled to a $10,000 grant on homes worth up to $750,000.

What is a new home?

A new home is a home that has not been previously occupied or sold as a place of residence. This includes a home that has been substantially renovated and a home built to replace demolished premises. It must be the first sale of that home. A home that has been previously occupied, by the builder, tenant or any other occupant is not considered to be a new home.

Do I qualify?

To qualify for the grant you must fulfil all the following criteria:

  • the home must be a brand new home;
  • the contract date must be on or after 1 January 2016;
  • the value of the property must not exceed $750,000;
  • you must be over the age of 18 years;
  • at least one applicant is a Permanent Resident or Australian citizen;
  • each applicant must be a natural person and not a company or trust;
  • you need to live in the home for a continuous period of at least 6 months;
  • you have not received a first home owners grant in any State or Territory before; and
  • you or your spouse (including de facto spouse) have never held a relevant interest in any residential property in Australia prior to 1 July 2000.

However, you may be eligible if you or your spouse, including de facto spouse, have only had a relevant interest in any residential property in Australia on or after 1 July 2000 and you have not resided in that property for a continuous period of at least 6 months.

How do I apply?

You can apply for the grant through your financial institution or directly through Revenue NSW, by submitting a First Home Owner Grant (New Homes) Application form (OFH001).

If applying direct with Revenue NSW, the house must be complete and you must be registered on title.

Applications lodged with financial institutions will have the grant available for settlement or for the first draw down on contracts to build. Revenue NSW has a list of approved agents on their Approved agents page.

Applications must be lodged within 12 months of completion or settlement of your new home. Your solicitor/conveyancer can help you lodge your application and documents with Revenue NSW.

First Home Buyers Assistance Scheme

The First Home Buyers Assistance Scheme, provides exemptions or concessions on stamp duty for eligible NSW first home buyers. This also includes vacant land where you intend to build your first home.

This Scheme provides exemptions on stamp duty on new and existing homes valued up to $650,000 and concessions on duty for new and existing homes valued between $650,000 and $800,000.

Buyers purchasing a vacant block of residential land to build their home will not pay stamp duty on vacant land valued up to $350,000, and will receive concessions on duty for vacant land valued between $350,000 and $450,000.

Do I qualify?

To qualify under the Scheme, you must fulfil all the following criteria:

  • the contract and transfer must be for the purchase of the whole property;
  • all purchasers must be eligible;
  • to be eligible, you must be a natural person (ie. not a company or trust), at least 18 years of age who has not, and whose spouse/de facto has not:
    • at any time owned (solely or with someone else) residential property in Australia other than property owned solely as trustee or executor.
    • previously received an exemption or concession under First Home – New Home.
  • at least one eligible purchaser must occupy the home as their principal place of residence for a continuous period of 6 months, commencing within the first 12 months of completion of the agreement.

You can calculate the concession on duty that you will receive by using the online calculator on the Revenue NSW website: First Home Buyers Assistance calculator

How do I apply?

To apply under the Scheme, you must complete the First Home Buyers Assistance Scheme form and provide it to your solicitor/conveyancer.

The application must be accompanied with all necessary supporting documentation. You must have already exchanged contracts to purchase your first home or vacant land. All purchasers must also complete a Purchaser/Transferee Declaration

Put Yourself Ahead

We give you the edge to buy the right property quickly and intelligently. What are you looking for?

Complete our Property Brief

Past Purchases

  • View Property
  • View Property
  • View Property
  • View Property
  • View Property
  • View Property

Newsletter

Subscribe to our Newsletter using the form below.

Sending

In the Media

Making money from flipping property (Part 2)

Published in Geared for Growth on October 10, 2022

Read More

Latest from Facebook

  • OH Property Group - Buyers' Agents
    OH Property Group - Buyers' Agents
    Photos from OH Property Group - Buyers' Agents's post Who doesn’t love a good gnome or three??? Seen at an off-market inspection this morning. They sure put a smile on our face.
  • Read More

    What Our Clients Say

    • Henny and Oliver moved quickly to help us to secure the property at a great price. This was before the house has even been listed for sale. I have no doubt that it would have sold for a much higher price had it been put on the market.

      E. Yeo

      Read More
    • They proved themselves spot on with their estimates of the expected sales prices of properties we viewed.

      C. Chu & A. Siu

      Read More
    • Oliver is a person with high integrity who always has the client’s best interest as a priority.

      C. de Salazar & J. Martin

      Read More
    • Your knowledge and expertise in what you do is incredible and the enthusiasm in which you put into your work is so evident in everything you do.

      T. & S. Tifa

      Read More
    • We felt like we were on the winning team from the time we called them. I just wish we had done it earlier!

      N. & J. Murray

      Read More
    • It was like watching a chess game unfold and Henny was able to think several steps ahead and take control of the negotiation process. It was nice to be in the driver’s seat for a change.

      R. & S. Chappell

      Read More
    • Having a buyers’ agent represent us at auctions helped relieve a lot of our stress. It was great to finally have an upper hand at an auction situation for we had the best people working for us.

      M. & M. Ng

      Read More
    • The property we ended up buying had 17 contracts out on the first open house inspection. Henny knew how to get us to the finish line by positioning us correctly and having an open communication with the real estate agent.

      Y. Cho & D. Wong

      Read More
    • We have bought three other properties on our own before. However, compared to our past purchase experiences, this time it was so much easier.

      A. & B. Sengphachan

      Read More
    • We were advised to let the Auction for our new house pass-in and in the end, we acquired the property for $165,000 below the Vendor’s Bid at auction. This savings means the Buyers’ Agent fees essentially paid for themselves multiple times over.

      S. Lam

      Read More
    • In an industry rife with ethically challenged real estate agents it has been a real relief to have a buyer’s agent who possesses such a strong sense of ethics.

      D. Stewart

      Read More
    • OH Property Group was proactive, efficient, and always available during each step of the buying process. During our search we never felt rushed in making any irrational decisions and were able to digest all information in our own time.

      S. & R. Reyes

      Read More
    • Oliver was thorough, considered, and he took time to understand our situation and tailored his approach accordingly.

      C. Tollemache & P. Anderson

      Read More
    • OH Property Group’s professionalism and tireless work ethic achieved the impossible in an impossible time frame. Without their help, I wouldn’t have even looked at the property I ended up buying.

      P. Christensen

      Read More
    • We were very impressed by their dedication, excellent service and attention to detail. Their expertise and advice are invaluable and gave us great comfort to know that one of our biggest financial purchases was a sensible one.

      J. & A. Surjadi

      Read More
    • Watching Oliver strategize throughout the process was like watching a beautiful piece of art – he made so many moves which ultimately resulted in significant savings for us, not to mention a very smooth and relaxed process.

      J. & C. Budge

      Read More
    • To think that we could have bought an ill fitting house for too much money and with possible regret, it’s really made us feel relieved that we have used your services to find the perfect house for us and at good value too.

      O. & C. Valentine

      Read More
    • Without their help it is unlikely that we would have even inspected the apartment we bought, and not only does it meet all our needs but the purchase price was at the lower end of our budget.

      D. & W. Watson

      Read More
    • We are truly happy with our new home. We were able to get a better price than if we had acted alone. OH Property Group’s professionalism and experienced negotiation tactics really landed us with the best outcome.

      J. & V. Wu

      Read More
    • More than making sure we were paying a fair price, Henny and Oliver asked us the right questions to understand what we valued in a property as a couple. They also took into consideration the stage of life we are in and our plans for the future.

      H. Ma & S. Wu

      Read More
    • We found the experience of using a buyers’ agent to be very liberating. It took a load off our minds. It was definitely money well spent and we would definitely recommend your services to others!

      P. & A. Wong

      Read More
    • It was a big weight off our shoulders to know that an experienced agent was bidding on our behalf at the auction which minimised the stress of the day. We feel very satisfied that we have made a good investment in a great area.

      S. & T. Seton

      Read More
    • Our Buyers’ Agent took away all the guesswork, did all the investigation and due diligence and presented us with everything we needed to know in order to make a well informed decision.

      E. Huang

      Read More
    • Oliver represented us at the Auction, let it pass in and then negotiated a price much lower than what we had been willing to pay.

      J. Chang & L. Truong

      Read More
    • I feel that Oliver and Henny were completely honest and open, working with only my best interests at hand.

      J. Mak

      Read More
    • The negotiation process was handled in a highly skilled, efficient and impressive manner and the property secured at the right price within a matter of days despite the competition.

      T. & D. Colwell

      Read More
    • From the moment we started working with Henny, her dedication to her clients became clear. We always found her to be incredibly insightful, thorough and trustworthy. In all things, she truly went above and beyond for us.

      J. & A. Pearce

      Read More
    • You reacted quickly at any time of the day to my requests for further information and appraisal and I believe that you understood my needs and could be trusted to provide reliable information.

      J. Gulley

      Read More
    • Our Buyers Agents were able to provide important advice about the manner in which we should communicate with the Vendor in order to make an offer on the property clearly and confidently – despite our offering well below the asking price.

      A. McConnachie & S. Wrangham

      Read More
    • Once the search started, we were really impressed by the frequency and quality of the communication, as well as the responsiveness to any questions we had.

      J. Tyler & L. Morphett

      Read More
    • About
      • Buyers Agent
      • Our Company
      • How We Are Different
      • Our Team
      • Best Practice Guidelines
    • Who We Help
      • Experience
      • Past Purchases
      • Testimonials
    • Services
      • Property Management
    • Resources
      • FAQ
      • Getting a Loan
      • Assistance for First Home Buyers
      • Selling Advice
      • Australian Foreign Investment Policy
      • Calculators
      • Links
      • Service Providers (Password Required)
    • News
      • Media Mentions
      • Facebook
    • Careers
    • Contact
      • Property Brief
      • Login

    PO Box 274
    Chatswood, NSW 2057

    • Follow @ohproperty