If you’ve decided it’s finally time to stop renting and get into your own home, now is the time to buy! If you take advantage of the First Home Buyers Grant in NSW, you can get your own piece of the Australian property market. Combined with Darren Walters’ no or low deposit house and land packages, the NSW FHOG could be the key to you finally escaping the rental nightmare once and for all.
Here at No1 Property Guide, we’re the experts in helping you access every grant, scheme, and incentive you’re eligible for. The first step is understanding your factual options and what you have access to. Once you’ve filled in our pre-qualification form, our New Home Consultants will guide you through the journey and help you achieve your homeownership dreams.
What You’ll Need to Know About the First Home Buyers Grant
Officially known as the First Home Owners Grant (FHOG), this grant is available to individuals and couples who haven’t previously owned a home. Eligible first home buyers can get $10,000 towards the construction of a new property.
The eligibility criteria to qualify for the grant is:
- You must be 18 years or over
- Be an individual, not a company or trust
- At least one person on the application must be an Australian citizen or permanent resident
- You & your partner must not have previously owned a home or received a First Home Owner Grant in Australia
- You need to live in the home for a minimum of 6 months within the first 12 months of buying or completion of construction
What Type of Property Will the First Home Owners Grant Cover?
The NSW FHOG is only applicable to newly built properties or vacant land with plans to build on. This includes properties that have just been completed and never lived in, or house and land packages like the ones available at No1 Property Guide.
You typically won’t be eligible for the grant if you want to buy an existing home. The only exception is when a property has been substantially renovated or remodelled. These homes are assessed on a case-by-case basis. But generally need to have been renovated from an almost completely rundown state to be eligible.
What is the Price Cap for the FHOG?
To be eligible for the $10,000 NSW FHOG, the total cost of the newly constructed property (house and land) needs to be below $750,000. Anything above this price won’t be eligible for the FHOG.
Applying For the First Home Buyers Grant in NSW
You can start the process to get the FHOG by downloading the application form from the NSW government website. And then filling it out. You’ll need to supply documents confirming the identities of all the applicants, a signed contract detailing the sale and price of the property, and a witness to the signing of the application. At this point, you’ll need to discuss the next steps with your chosen financial institution because each has its own operational policies.
Alternatively, you can let the team here at No1 Property Guide simplify the process of applying for the FHOG. We’ll take care of the paperwork for the FHOG, as well as any other government incentives you’re eligible for. All you need to do is fill in our pre-qualification form and we’ll guide you through the homeownership journey.
Pay $0 Stamp Duty for First Home Buyers in NSW
Another great way to reduce your costs is to take advantage of the First Home Buyers Assistance Scheme. This will reduce your stamp duty costs down to $0 on a block of land up to $350,000. And on land sold between $350,000 and $450,000 you’ll pay on a sliding scale stamp duty concession rate.
On a $350,000 block of land that’s $10,975 less, you’ll need to pay the government!
Achieve your homeownership dreams with No1 Property Guide! Our team specialises in capitalising on the government incentives available to you. We’ll work with you to ensure you get access to every grant, scheme or incentive you’re eligible for.
By combining these with Darren Walters’ no or low deposit new home system, we could help you get into your new home sooner than you could have ever imagined.
Take the first step by filling in our pre-qualification form. From there, our New Home Consultants will be in contact to take you through the entire process. We’ll be with you every step of the way on your journey to becoming a homeowner.
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