First Home Owners Grant New South Wales

With the new changes to the First Home Owners Grant in New South Wales it is important to discuss your concession and grant eligibility with your mortgage broker. From 1 October 2012, the $7 000 First Home Owner Grant will be replaced by the $15 000 First Home Owner Grant (New Homes) Scheme.

First home owners who purchase or build a new home where the eligible transaction commencement date (contract date) is on or after 1 October 2012 will be eligible for the $15 000 grant. The grant will reduce to $10,000 on 1 January 2014 for eligible transactions which have a commencement date (contract date) on or after 1 January 2014.

The $7,000 first home owner grant for established properties ends on 30 September 2012 and will not be available where the eligible transaction commencement date (contract date) is on or after 1 October 2012.

Find Out If You Are Eligible Today

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First Home Owner Grant cap

The current cap of $835 000 applies where the eligible transaction commencement date falls on or after 1 January 2011 and on or before 30 September 2012.

On 1 October 2012, the cap reduces to $650 000. The $650 000 cap will apply to all new home transactions where the commencement date of the eligible transaction is on or after 1 October 2012. Applicants who purchase a new home or build a home which has a total value of more than $650 000 will not be eligible for the First Home Owner Grant (New Homes) Scheme.