First home buyers

THE RIGHT HOME LOAN  >  First Home Buyers

Sydney’s loan consultant for first home buyers

Our expert Sydney brokers help first home buyers take advantage of the First Home Owners Grant (FHOG) offered across NSW.

FIRST HOME OWNERS


First Home Buyers

The NSW Government's package to help improve housing affordability is focused on First Home Buyers.

Some of the benefits for First Home Buyers include:
  • Abolish stamp duty on all homes up to $650,000
  • Give stamp duty relief for homes up to $800,000
  • Abolish insurance duty on lenders mortgage insurance
  • Ensure foreign investors pay higher duties and land taxes
Stamp Duty Relief

The duty paid when buying a residential property can be an difficult for a First Home Buyer. In order to provide assistance the NSW Government is abolishing this duty on new and existing homes worth up to $650,000

For properties that are valued between $650,000 to $800,000, the duty concession will be on a gradual basis.

Concessions on vacant land will remain unchanged

Further information can be found by calling 1300 130 624 or clicking on the below links to the NSW Government Website

Please note that this is meant as a GUIDE ONLY and Finance in Sydney encourages you to complete your own independent research into your personal situation.
When Do These Stamp Duty Savings Begin

The change will take effect from the 01 July 2017

Contracts dated prior to the commencement of these reforms will continue to be eligible for the same grants, concessions and conditions for which they would have been eligible should these changes not have occurred.

First Home Owners Grant (New Homes)

Approved First home buyers building a new property will be entitled to a $10,000 grant on homes worth up to $750,000 (Including building a home on a vacant land)

Approved First home buyers purchasing a new property worth up to $600,000 will be entitled to a $10,000 grant.

This policy aims to provide assistance to First Home Buyers and stimulate the construction of new dwellings.

Further information can be found by calling 1300 130 624 or clicking on the below links to the NSW Government Website

Please note that this is meant as a GUIDE ONLY and Finance in Sydney encourages you to complete your own independent research into your personal situation.

Am I eligible?


Stamp Duty Relief

An eligible purchaser is a purchaser who has not and whose spouse has not;
  • At any time owned (either solely or with someone else) residential property in Australia other than property owned solely as a trustee or executor
  • Previously received an exemption or concession under the First Home - New Home Scheme.
NOTE: If the spouse of a purchaser has previously owned residential property or previously received an exemption or concession under the first Home - New Home scheme, the purchaser is not eligible for the full or proportionate concession regardless of whether the spouse is or is not also a purchaser.
  • The agreement or transfer must be for the whole of the property or, if the property is a parcel of land on which two or more homes are built or are being built, for the part of the land that is an exclusive occupancy
  • All eligible purchasers must be natural persons (ie not a company or trust) and at least 18 years of age at the date of the agreement or transfer 
  • At least one eligible purchaser must be an Australian citizen or permanent resident at the date of the agreement or transfer
  • Eligible purchasers must together acquire an interest of at least 50 percent
  • At least one eligible purchaser must occupy the home as their principal place of residence for a continuous period of 6 months, commencing within 12 months of completion of the agreement. (Where an eligible purchaser was a member of the permanent forces of the Australian Defence Force and all purchasers were enrolled on the NSW electoral roll, as at the transaction date, then all purchasers are exempt from the residence requirement).
NOTE: If persons who are not eligible purchasers are acquiring more than 5 per cent but not more than 50 percent, the concessions is reduced in proportion to the interest acquired by the person(s) who are not eligible purchasers.

Further information can be found by calling 1300 130 624 or clicking on the below links to the NSW Government Website
First Home Owner Grant (New Homes) for eligible transactions dated on or after 01 July 2017

The $10,000 First Home Owner Grant (New Homes) is available where the eligible transaction commencement date is on or after 1 July 2017 and the eligible transaction is for the purchase or construction of a new home.

Your eligibility is determined on the facts and circumstances as at the commencement date of the eligible transaction. This is the date of the contract to purchase a new home or, contract to build a home or, for an owner builder, the date the foundations commenced to be laid.

An eligible transaction to meet their criteria:
  • Each applicant is a natural person and not a company or trust.
  • All eligible purchasers must be natural persons (ie not a company or trust) and at least 18 years of age at the date of the agreement or transfer
  • At least one eligible purchaser must be an Australian citizen or permanent resident at the date of the agreement
  • All applicants and or their spouse / de facto have not owned a residential property, jointly, separately or with some other person, in any State or Territory of Australia before 01 July 2000 
  • All applicants and or their spouse / de facto have not previously owned a residential property jointly, separately or with some other person in any State or Territory of Australia, and occupied that property for a continuous period of at least 6 months.
  • The total value of the property for the purchase of a new home does not exceed the cap amount of $600,000
  • The total value of the property for a contract to build new home or to owner build does not exceed the cap amount of $750,000
  • This is the first time an applicant and or their spouse / de facto will receive a first home owner grant in any State or Territory. If a grant was received but later paid back together with any penalty, you may be entitled to reapply for the grant
  • At least 1 applicant will occupy the home as their principal place of residence for a continuous period of 6 months, commencing within 12 months from the date they are registered on title, if purchasing a new home or if building a home, the construction completion date. Where an applicant was a member of the permanent forces of the Australian Defence Force and all applicants were enrolled on the NSW electoral roll, on the commencement date of the eligible transaction, then all applicants are exempt from the residence requirement.
What is classified as 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.

Further information can be found by calling 1300 130 624 or clicking on the below links to the NSW Government Website

Please note that this is meant as a GUIDE ONLY and Finance in Sydney encourages you to complete your own independent research into your personal situation.

Other conditions may apply. Be sure to contact us to discuss your situation. 

First home buyer? Call us on (02) 9982 8014.

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