If you are buying or building your first home, you may be eligible for benefits under the First Home Owner Grant Scheme and/or the First Home Plus Scheme.

The current available First Home Owners Grant Scheme is funded by the NSW Government and First Home Owners Boost by the Federal Government.  All Grants and Boosts are administered by the Office of State Revenue.  The Scheme was established to assist eligible first home buyers to purchase their first home by offering grants. 

Effective 1 October 2009, the Federal Government announced changes to their Boost amounts.  Current available grants are as follows:

- $3,500 upon settlement of a purchase (of an established property) OR

- $7,000 if the property is newly constructed or never before lived in

These Boost amounts are in addition to the existing First home Owners Grant of $7,000.  Therefore total grants currently available to first home buyers are as follows:

- $10,500 upon settlement of a purchase (of an established property) OR

- $14,000 if the property is newly constructed or never before lived in

The NSW First Home Plus Scheme provides generous exemptions or concessions on transfer duty for eligible first home buyers. This includes vacant land on which you intend to build your first home.

As a first home buyer, you are also exempt from paying stamp duty on your purchase up to a purchase value of $500,000.  If you purchase over $500,000 but no higher than $600,000 then you will be required to pay stamp duty at a percentage rate.  If you purchase over $600,000 then full stamp duty is payable on your purchase.

As your Mortgage Broker, Finance Connect can organise the First Home Owners Grant and Boost on your behalf direct with the Lender.  All applications must be accompanied with satisfactory Identification and a Contract of Sale certified by a Justice of the Peace.

For further information on the First Home Owners Grant or to download an application form, please visit the Office of State Revenue’s website.