The government has put in place a range of schemes to help out new home and first home buyers. The trick is finding the one that applies to you. Figuring out which one and then applying for it can be a bit confusing. The most relevant schemes to new and first home buyers are detailed below including how much they can save you as well as basic eligibility criteria.
Government Schemes
If you are buying or building your first home, you may be eligible for benefits under the First Home Owner Grant Scheme, NSW First Home Buyers Supplement, Australian Government First Home Owner Boost and the First Home Plus Scheme.
The Schemes were established to assist eligible first home owners by offering a total benefit of up to $41,990.The First Home Owner Grant Scheme and the NSW First Home Buyers Supplement are fully funded by the NSW Government and together with the Boost are administered by the Office of State Revenue.
NSW New Home Buyers Supplement
First home buyers in NSW who qualify for the First Home Owner Grant and are buying a newly constructed home or building their first home may be eligible for an additional $3,000 payment known as the NSW New Home Buyers Supplement.
The $3,000 NSW New Home Buyers Supplement is in addition to the First Home Owner Grant and the Australian Government’s First Home Owner Boost.
Commonwealth’s First Home Owner Boost
The First Home Owner Boost scheme is an Australian Government Scheme to assist first home buyers purchase or build their first home. The scheme is administered by the NSW Government and is in addition to the $7,000 First Home Owner Grant.
The Australian Government announced changes to Commonwealth’s First Home Owner Boost in the Federal Budget on 12 May 2009.
For contracts made between 14 October 2008 to 30 September 2009 (inclusive):
• first home buyers who purchase established homes will receive a boost of $7,000 that will double the grant to $14,000
• first home buyers who build a new home or purchase a newly constructed home will receive an extra $14,000 to take their grant to $21,000.
For contracts made between 1 October 2009 to 31 December 2009 (inclusive):
• first home buyers who purchase established homes will receive a boost of $3,500 that will take their grant to $10,500
• first home buyers who build a new home or purchase a newly constructed home will receive an extra $7,000 to take their grant to $14,000.
First Home Plus Scheme
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.
Proof of Identity requirements have been introduced for First Home Plus applicants.
With all these bonuses it may be the right time for your to purchase your first home or even a new home. As with most Government concessional schemes the eligibility criteria can be quite complex to navigate making it difficult to understand whether or not you are actually eligible. Contact the lawyers at The Quinn Group to ensure that you are maximizing your savings when buying a new home. Whether you are a first or existing homebuyer we are able to assist with all of your contract and Conveyancing needs as well as advice on any concessions that you may be eligible for. Call us now on 1300 QUINNS or click here to submit an online enquiry.
