If you are a first time home buyer and a buying a new or building a new house you may qualify for a $10,000 First Home Owners Grant New South Wales. The First Home Owners Grant NSW is a grant offered by the State Government of New South Whales to help first-time homeowners purchase a new home sooner than you normally could.
Eligibility Requirements for First Home Owners Grant NSW
- If you choose a newly constructed home or a substantially renovated home it must cost less than $600,000 dollars.
- If you intend to build a home then the combined total of the property and building should be less than $750,000.
- You need to be an individual not a trust or company when applying for a loan
- Must be over 18 years old
- You have to be an Australian citizen or a permanent resident or be with a person who is a citizen or resident.
- The date of your home purchase has to have occurred after January 1, 2016
- Some people are still eligible if you purchased a residential property after July 1, 2000, but didn’t live in it continually for more than 6 months.
- You or a partner have previously owned or co-owned a home in Australia or have previously received an Australian First Home Owners Grant.
In addition to other eligibility requirements, there are some residential requirements that you must be able to meet.
You or one of the other first home buyers, you purchased the home with must-have moved into the new home within 12 months after purchasing the property.
You or one of the other first homebuyers must have continually lived in the home for at least 6 months.
If you are a member of the Australian Defense Force, you could be exempt from the 6-month resident rule as long as all the buyers for the home are on the New South Wales voter rolls.
First Home Owners Grant NSW Definition of a New Home
To be considered a new home for the purposes of the First Home Owners Grant NSW the home has never been sold before or even the builder or tenant has never lived in the house before.
What Constitutes a Renovated House?
For purposes of the First Home Owners Grant NSW a renovated house must meet the following guidelines.
- Most or all of the house was removed or replaced
- Its the first time the home has been sold after renovations
- The house hasn’t been lived in since the renovations have been completed
You can find a First Home Owners Grant NSW form online simply by typing in First Home Owners Grant NSW application form. Make sure you take time filling out the form and all of the information you give is accurate. You will also need to include additional documentation in order to get the grant so read the guidelines carefully.