Getting into the property market can be a difficult task, especially with rising property prices.
Rising property prices over the past decade have made it increasingly more difficult for first home buyers to get a foot in the door, when it comes to the property market. In New South Wales NSW, the Government allows first home owners to receive a grant of $10,000 towards the cost of a new property.
How does the first home owners grant work?
The first home owners grant is designed to financially assist first time home buyers.
Although the grant can make a significant difference, there are a few conditions to be considered by the buyer.
To be accepted for the first home owners grant, the property you are buying must be a “new-build” property. This means that the property cannot have been lived in previously or owned by a previous owner. It can, however, be purchased from a developer and in some cases, the grant can be awarded to first time home buyers who have bought a property that has been extensively modified. Each case is judged on an individual basis and is subject to the decision made by the NSW Government.
The total cost of the property must also be taken into consideration. You can make a claim for the first home owner grant if your:
When will I receive the money?
It depends on the type of property you’re purchasing; however, generally if you purchase a property from a developer the money will be paid to you after the completed transaction, whilst you will receive the grant for a new property that you have chosen to build once the building has started.
Is the first home owners grant NSW still available?
Yes! At the moment the first home owner grant is still available, with no sign of it ending any time soon. Also, in NSW as of August 2020 there are additional concessions for stamp duty for properties under $1,000,000 and buyers also do not have to pay any stamp duty on properties under $800,000. This can end up saving you lots of money during the purchase, especially for first time buyers.
How can I get help with the first home owners grant?
If you’re looking for your first home and need help getting started with the process, come and speak with the team here at TY Lawyers. When it comes to legal applications, conveyancing, grants, or any property law services you may require, we can help. Whether you would like us to assist you throughout the whole process, or you simply have a bunch of questions you need answered, get in touch with our experienced team today!