First Home Buyers

First home buyers can take advantage of a package of benefits provided by the State and Federal governments.

 

NEW: January 2010: The combined benefits for first home buyers for contracts exchanged until 30 June 2010 is $10,000.

 

See www.osr.nsw.gov.au for all the details you need.

 

First Home Plus scheme:
Under First Home Plus, no transfer duty is payable by eligible purchasers for properties priced under $500,000. For property priced between $500,000 and $600,000, substantial transfer duty concessions still apply. 

First Home Owner Grant:
Under the First Home Owner Grant, a payment of $7,000, plus a NSW Govt Supplement of $3000, is received if all named purchasers (and their spouses) have not previously owned residential property jointly, separately or with some other person, and when at least one purchaser will occupy the property. This sum can be available at time of settlement if the application is processed with mortgage documentation at a given time.

 

There are no income or asset tests to qualify for these benefits.

For more information go to the Office of State Revenue web site at www.osr.nsw.gov.au

 

 

 

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