First Home Owners Grant NSW
Grants and Concessions
Eligible first home buyers in New South Wales can access the First Home Buyers Grant of $7,000 for properties to a maximum value of $750,000. So whether you are looking around Sydney, Bondi or Coffs Harbour, as a first homeowner you can take advantage of financial assistance and government incentives.
First Home Plus scheme/First Home - New Home scheme
From July 1 2012 the First Home Plus Scheme has been replaced by the First Home-New Home scheme.
First home buyers will not receive concessions on stamp duty for existing dwellings, but stamp duty exemptions and concessions will still be available for purchases of vacant land, new buildings and off-the-plan properties.
The NSW Government has increased the concessions.
* For new homes valued up to $550,000 (up from $500,000) the buyer pays no stamp duty
* For new homes valued up from $550,000 to $650,000 there is only a concessional amount of stamp duty to be paid.
* For vacant land valued up to $350,000 (up from $300,000) the buyer pays no stamp duty
* For vacant land valued between $350,000 and $450,000 there is only a concessional amount of stamp duty to be paid.
This means that on a property valued at $550,000 you could be saving as much as $20,240 on stamp duty, as well as claiming $7000 from the first home buyer grant. This kind of financial support when buying your first home can prove the difference between it being affordable or not. These grants and concessions are available to all first home owners who meet the criteria.
In addition New South Wales has further stamp duty concessions for First Home Buyers and Seniors who buy vacant land for construction, buy new homes or make ‘off the plan” purchases.
No one likes unexpected bills, so ask your mortgage broker today what you can claim and how much is available to you. It is important to know whether you will need to pay any stamp duty or not before you buy, so you can factor that into your budget.
Buying property in NSW
The NSW property market is competitive and with these grants and concessions you can be finding affordable property and enjoying your new home sooner than you think. According to the Australian Bureau of Statistics, NSW recorded a 10.8% gain in home loan approvals for owner-occupied homes during the month of December. This rise is thought to be directly linked to the boost to the first home buyer grant as well as lower interest rates, as first home buyers storm the market looking for their first home.
The median house price fell in Sydney by 1.5% in October but property experts believe that once investors begin to notice the effect of lower interest rates, the market will pick up again in both the upper and lower ends of the market. Increased affordability and demand will drive the property recovery in NSW during 2009 and many economists are predicting further interest rate cuts by June. First home buyers must act quickly now to take advantage of the current favourable conditions.
Apply for your grant today!
All of the grants are easy to apply for, in fact your mortgage broker can probably complete the application on your behalf, and in no time at all you can be enjoying the financial benefits of being a first home owner. Don't delay finding out how much you can claim.
To find out more talk to Your Local Finance or visit the NSW Office of State Revenue website: http://www.osr.nsw.gov.au/benefits/first_home/
Call and find your nearest mortgage broker today on 1300 787 665
Changes to the First Home Owners Grant
The grant was boosted by the Federal Government during the global financial crisis to boost the property market but has now been wound back.
First Home Owners Grants
Make sure you get every cent you can under the new FHOG. Complete the form to speak with a First Home Grants mortgage broker specialist.
The original first home owners grant of $7,000 is still available to eligible first home buyers. The grant is designed to help first home buyer onto the property ladder.
If you would like more information on what you can claim please contact your nearest mortgage broker.