First Home Buyers Assistance Scheme
The First Home Buyers Assistance Scheme is a government scheme in New South Wales Australia that is designed to help people who are looking to purchase their own home by allowing them exemptions or concessions to help defray some of the costs of buying a new home. This assistance scheme applies to those people who
- Are buying an existing home
- Buying a new Home
- Buying vacant land with plans to build on the land
The First Home Buyer Assistance Scheme differs from the First Home Owners Grant in one major way. While the First Home Owners Grant is only eligible to those people who purchase or built new homes the First Home Buyers Assistance Scheme is designed to help those who are also purchasing existing homes.
Whose Eligible For the First Home Buyers Assistance Scheme
- Anyone whose contract date must be on or after July 1, 2017 and must be for the whole property.
- You must be an individual not a company
- You must be over 18 years of age
- You and your partner cannot have previously have owned or co-owned a residential property in Australia
- You and your partner cannot have previously received an exemption or concession under the First Home Buyers Assistance Scheme.
- At least one of the applicants for the scheme must be an Australian citizen or a permanent resident of Australia
- You must move into the new home within 12 months after purchasing the property
- You must live in the property for at least 6 months consistently
You Can Apply for an Exemption Under the First Home Buyers Assistance Scheme if the value of the home you purchase is less than $650,000 or the value of your block of less than $350,000
You can apply for a concession under the First Home Buyers Assistance Scheme is the value of your home is between $650,000 and $800,000 or the block of land you purchase is between $350,000 and $450,000.
Applying for the First Home Buyer Scheme
If you are looking to apply for the first Home Buyer Scheme you need to:
- Download and fill out the application form
- Download and complete the Purchaser/Transferee Declaration form
- Proof of Identity
- Agreement for the sale or transfer of the property you are purchasing
- Supporting documents that are required.
The First Home Buyer Scheme only applies to those properties in New South Wales, Other states in Australia offer other types of assistance schemes or programs to help first time home buyers. What each of these schemes are intended to do is to help new home buyers purchase a home. This not only helps the home buyer by allowing them to have a home that they actually have title too, but also can serve to help strengthen Australia’s economy.
For more information on assistance for first time home buyers contact the RevenueNSW website to find out more about the First Home Buyer Scheme or other assistance programs that may be available.