Whether you’re buying an existing property, or building new, finances are going to be a huge factor. Property is a sizeable investment, so it’s important to have all of the information when making spending decisions.
So, let’s take a look at the NSW First Home Buyers Grant and see what new buyers and builders look to gain.
What is the NSW First Home Buyers Grant?
The NSW First Home Buyers Grant, otherwise known as the First Home Owner Grant (New Homes) scheme was put in place to help eligible first home buyers to buy or build their first home.
As of July 2017, the grant cap for purchasing new homes is currently $600,000. Alternatively, for those that are entering into a building contract, the total value cannot exceed $750,000.
In short, this means that first-time builders and buyers are being incentivised to buy and build with financial assistance from the NSW Government (up to a certain overall value).
At Hoot Homes, we offer a range of house and land package options within the grant cap, so buying that first home with this Government incentive is achievable! Plus, we also offer up to $46,570 worth of incredible home inclusions for just $4,990. How’s that for getting the most out of your grant?
What is Considered a New Home?
As the title suggests, a new home is a home that hasn’t been previously occupied or sold as a place of residence. Also included are homes that have experienced substantial renovations, or homes that have been built to replace demolished premises.
Best news? That includes everything that Hoot Homes has to offer.
Are You Eligible?
The question that we’re sure you’re asking yourself with bated breaths, there are some stipulations that will determine your eligibility.
To be eligible for the grant:
- Your contract date must be on or after January 1st, 2016. The home you’re purchasing must be a brand new home.
- You must be over the age of 18.
- You and/or your spouse must never have held a relevant interest in any residential property in Australia prior to July 1st, 2000.
- With that said, you may still be eligible if you or your spouse have not resided in that property for a continuous period of at least 6 months.
- Your chosen property’s value must not exceed the First Home Owner Grant Cap of $750,000.
- You cannot have received a first home owners grant in any State or Territory, unless subsequently repaid.
- You must spend at least 6-months living in the selected property.
- You, or one of the applicants, must be an Australian citizen.
- Each applicant must not be a company or trust.
- To be frank; if you don’t meet all of these requirements, then you will not be considered eligible for the grant. However, those that are part of the Australian Defence Force and are on the New South Wales electoral roll could potentially be eligible for an exemption from the 6-month residency requirement.
So, there you have it! Considering our partnership with Mortgage Link, as well as the grants available from the NSW Government, it has never been easier for a first-time buyer or builder to find their nest. To learn more, contact us today on 1300 303 100 to start your journey.