First Home Owner Grants

If you are a first home buyer in New South Wales, there are two schemes you may be able to get assistance under. 

1. First Home Buyers Assistance Scheme 
2. First Home Owner Grant (New Homes) Scheme

To qualify as a first home buyer you;

1. Must be purchasing the first home you or your spouse or partner have owned, or co-owned, in Australia.
2. Are required to move into the property within 12 months, and live at the property for at least six continuous months.
3. Must be an Australian citizen or a permanent resident of Australia and be at least 18 years old. 

1. First Home Buyer Assistance scheme

If you're a first home buyer in New South Wales who is buying an existing home, buying a new home or vacant land on which you intend to build a new home, you may be eligible for the First Home Buyer Assistance Scheme. Under this scheme, you could be entitled to a concessional rate of transfer duty, or even an exemption from paying it altogether as a first home buyer.

Calculate your assistance

To calculate whether you are eligible to apply for a full exemption or concessional rate of transfer (stamp) duty use the First Home Buyers Assistance Calculator.

Eligibility

To qualify to apply for the FHBAS, you must meet the following requirements:

• The contract date for the whole property must be on or after 1 July 2017
• You must be an individual
• You must be at least 18 years old
• You must never have owned or co-owned residential property in Australia, including your spouse or partner
• You must not have previously received an exemption or concession under this scheme, including your spouse or partner
• You must be an Australian citizen or permanent resident.

How to apply

After exchanging contracts with the previous owner, you can apply for the FHBAS by downloading and completing the following two documents available from revenue.nsw.gov.au

1. First Home Buyers Assistance scheme application form
2. Purchaser/Transferee Declaration form

Once you have completed your application forms and supporting documents, you need to lodge them with your solicitor and conveyancer.

2. First Home Owner Grant (New Home)

If you're a first home buyer in New South Wales who is buying a new home or vacant land on which you intend to build a new home, you may be eligible for the First Home Owner Grant. 

This is a $10,000 grant for purchasing or building a new home. If you're purchasing a new home the value must not exceed $600,000. If you're building a new home, the property value (house and land) must not exceed $750,000.

Eligibility

• Each applicant must be at least 18 years old.
• You must be a first home buyer as a person, not as a company or trust.
• At least one applicant must be a permanent resident or Australian citizen.
• You or your spouse, partner or co-purchaser must not have previously owned a home before 1 July 2000.
• You must occupy your first home as your principal place of residence within 1 year of when the home is ready for occupation and and live at the property for at least 12 continuous months (for contracts signed after 1 July 2023).

How to apply

If eligible, you can apply for the First Home Owner Grant through Heritage Bank when you arrange your home loan. 

Alternatively, if you have already completed the purchase process or construction has commenced for your home, you can send your application directly to Revenue NSW. You will need to send your application within 12 months of settlement or from the date that construction was completed and provide supporting documentation. If you are building a new home this will include council approval, building contracts or occupation certificates, and evidence of the land value. Additional documentation may be required upon request.

To learn more about how to apply, and all eligibility requirements, visit the First Home Owner (New Homes) help guide on the NSW Government website. 

Queensland First Home Owners' Grant 

In Queensland, to help first home owners to get their new first home sooner, you can apply for the Queensland First Home Owners’ Grant.

This is a $15,000 grant for buying or building a new home. The home you are buying or building must be new and valued less than $750,000 (including land).

Eligibility

To be eligible to apply for the grant you must be a first home buyer who meets the following requirements:

• You must be at least 18 years old
• You must be an Australian citizen or permanent resident
• You must never have owned or co-owned residential property in Australia, including your spouse or partner
• You must be buying or building a new house, unit or townhouse
• You must move into the property within 1 year when the home is ready for occupation, and live at the property for at least 6 continuous months.

Take the full eligibility test on the Queensland Government website.

How to apply

You will need to complete an application form as well as provide the appropriate documentation. Supporting documents can vary depending on the situation of your new home e.g. buying a brand new home, building a home or building your own home. The application form will inform you as to what documents are mandatory for your situation.

You must submit your application within 1 year of taking possession of the new home or the build being completed. 

If you are taking out your home loan through Heritage Bank, we can assist you with your Queensland First Home Owners’ Grant application. 

For more information on the different initiatives for first home buyers from the Commonwealth and other states, you can find more details and resources available on the below websites.

Commonwealth: http://www.firsthome.gov.au/

NT: Northern Territory Government

WA: Department of Finance

SA: Revenue SA

VIC: State Revenue Office

ACT: Revenue ACT

TAS: State Revenue Office