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First Home Buyer Grant 2020
- Thursday 20 Aug 2020
If you’re a first home buyer and you’re buying or building a new home, you may qualify for a $10,000 grant under the First Grant (New Homes) scheme.
About the First Grant (New Homes) scheme.
The First Grant (New Homes) scheme was established to assist eligible first to purchase a new home or build their home by offering a grant.
The grant amount is determined by the date of the eligible transaction. This is the date of the contract to purchase a new home or contract to build a home. For an owner builder, the eligible date is when the building work commences.
From 1 July 2017, the First Grant Cap for new home purchases is $600,000; for a property where you a contract to are an owner builder the total value cannot exceed $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 and includes a home that has been substantially renovated and a home built to replace demolished premises.
1. A home that has been occupied, including by the builder, a tenant or any other occupant is not considered a new home.
2. Where the home is being purchased, it must be the first sale of that home.
Am I eligible?
To be eligible for the grant:
- you must be an individual, not a company or trust
- you must be over 18
- you, or at least one person you're buying with, must be an Australian citizen or premanent resident.
- move into the new home within 12 months after buying the property, and live there for at least six continuous months.
You won't be eligible for the First Home Onwer Grant (New Homes) scheme if you or your spouse have previously:
- owned or co-owned a home in Australia
- received a first home owner grant in Australia
However, you may still be eligible if:
- you purchases a residential property after 1 July 2000 and didn't live in it for more than six continuous months
If you cannot meet the eligibility requirements, you are not eligible to receive the grant. If you receive the grant and fail to meet the eligibility requirements (for example, not living in the home for a continuous period of at least 6 months), you need to payback the grant. Failure to do so can result in prosecution and penalties up to $11,000.
If you are part of the Australian Defence Force and all applicants are on the New South Wales electoral roll, you may be eligible for an exemption from the residence requirement.
How can I apply?
You can apply for the grant through your financial institution or directly through the OSR, by submitting a First Grant (New Homes) Application form.
Applications lodged with financial institutions will have the grant available for settlement or for the first draw down on contracts to build. For a list of approved agents, visit the approved agents
If applying directly with the OSR, the house must be complete, and you must be registered on title.
Applications must be lodged within 12 months of completion or settlement of your new home. Your agent (for example, a solicitor or conveyancer) can help you lodge your application and documents with the OSR.
Where can I obtain more information?
Contact the NSW Office of State Revenue.
1300 130 624