Buying a home is a feeling of great excitement and is a huge achievement. Many people dream of buying and building a home of their own and work really hard to fulfil this dream. For this, you can take a loan from a financial institute or get the government’s help. The government also helps people working in different professions. For instance, if you are a doctor, you can apply for home loans for doctors in Sydney and avail yourself of the benefits provided by the government. If you also desire to build a home of your own, then the Government in Sydney offers the First Home Buyer Grant in NSW. It helps people buy their first home and provides various benefits to help people fulfil their dreams. 

What is the First Home Owner Grant in Sydney (NSW)?

If you want to buy your first home or are researching for the same, then you must consider and look for support and help that the government provides. One such grant the government offers for the residents of Sydney is the First Home Owner Grant NSW. You must consult the best finance broker in Sydney to get more information about this scheme. 

It is a one-off payment grant that is designed primarily to help people buy their first home. If you are eligible for the grant, you can get payment of $15,000 to $30,000. The government offers this grant to the first home buyers from 20th November 2023 till 30th June 2025. However, this scheme has certain conditions, such as the home you want this grant for must be below $750,000 and should be a brand new home.

Who Is Eligible For First Home Owner Grant NSW?

In order to benefit from this scheme, you must be eligible for it. Some of the conditions for eligibility for the First Home Owner Grant in NSW are as follows:

• You must be 18 years or above. Also, you need to be a person, meaning it is not for a trust or company.
• You must be an Australian Citizen or permanent resident, or you can apply with someone who is a permanent citizen.
• It is your first time applying for the First Home Owner Grant in Australia. If you have previously received the grant, you or your spouse cannot apply for it.
• You should not have any owned property in Australia that you lived in.
• If you have an investment property in Sydney but have not lived in it, you can still apply for a First Home Owner Grant in NSW.

Also, you will need to live in the house for a minimum of 6 months within a year after becoming the owner. Consult with a finance broker in Sydney to understand how you can benefit from this government scheme.

How Do You Apply For The First Home Owner Grant in NSW?

Applying for the First Home Owner Grant NSW is easy as you can apply for it from the Sydney Revenue Office or through an Approved Agent. You must fill out an application form and submit it to either the revenue office or a bank or finance institute that the government approves. 

If you apply through an approved agent, your funds are released early in all cases, which can be used as your deposit in some cases. You can get assistance from the best finance broker in Sydney.

In contrast, if you want to apply from QRO (Sydney Revenue Office), you must upload the documents on their official website. Note that the amount will not be paid until your purchase or construction of the house is complete.

Do First Home Buyers Pay Stamp Duty in NSW?

If you are a first-time home buyer in Sydney, you can get relief from stamp duty, especially if you build your first home by buying vacant land. You need to pay at least $250,000 or less to benefit from this. To get the maximum benefits of the First Home Owner Grant in the NSW scheme, you must consult a finance broker in Sydney for proper guidance and assistance.

If the properties have value above $250,000 and up to $400,000, you can get some concession on the stamp duty. You pay zero stamp duty if the value of your first home is up to $500,000. In addition to this, you can still save on stamp duty if you pay $500,000 and $550,000 for your first home. 

Buying your first home is a great achievement; sometimes, you may need help from a bank or finance institute. You can apply for home loans for doctors in Sydney to fulfil your dream of buying a home. Also, you can apply for the First Home Owner Grant in the NSW scheme to avail yourself of the benefits and support provided by the government to help first-time home buyers. Please note that the information provided in this blog is subject to change. Hence, it is important that you consult the bank, institute or finance broker in Sydney for proper guidance.