If you’re buying in NSW, then you may be eligible to participate in either the First Home Owners Grant Scheme (FHOGS) or the First Home Buyer Assistance Scheme (FHBAS).

FHOGS provides a grant of $10,000.00 to an eligible candidate who is purchasing a new pre-built home or a new home on pre-owned land.

To be eligible for the grant, you must be an individual over the age of 18 and you, or at least one person you’re buying with must be an Australian citizen or permanent resident.

To qualify for the grant, your purchase must be within the following thresholds:

• The purchase price for a new home only must not be more than $600,000
• The purchase price for buying land and building on that land must not be more than $750,000

You are not eligible for the grant if you owned or co-owned a home in Australia or have previously received a first home buyer’s grant in Australia. Should you be successful in obtaining the grant, you are required to move into the new home within 12 months after buying the property and live in the property for at least 6 continuous months.

FHBAS offers a range of exemptions to stamp duty on both new and existing homes as well as vacant land purchases.

To qualify for the FHBAS the property must be:

• Existing homes
• New homes and
• Vacant land on which you intend to build a home

The range of exemptions and concessions are relative to the value of the property transaction.

The following thresholds apply to new and existing property transactions:

The following thresholds apply to new and existing property transactions:

If you’re purchasing in the ACT, then you may be entitled to participate in the Home Buyers Concession Scheme (HBCS).

The Home Buyers Concession Scheme (HBCS) came into effect on 1 July 2019 and replaces the ACT Government’s First Home Owner Grant. The HBCS provides first home buyers with a concession on the duties payable on property transactions based on their income, the type of property purchase and living arrangements.

The HBCS applies to the purchase of vacant residential land and both new and established homes. Unlike grants, schemes and concessions of the past, there are no property thresholds applicable for transactions entered into after 1 July 2019.

To be eligible for the HBCS individuals and couples must satisfy a total gross income test. In order to be eligible, home buyers and their partners (if applicable) must earn less than or equal to the total gross income threshold over a full financial year. If individuals and couples earn in excess of the following amounts then they are not eligible for the HBCS:

Apart from the Income Threshold Test, other eligibility requirements include:

• all buyers must be 18 years old
• every buyer must not have owned any other properties in the two years leading up to the transaction date. This requirement also applies to the partner of a buyer, even if the partner will not be an owner of this home
• at least one of the buyers must live in the home continuously for at least one year beginning within 12 months of the settlement date or completion of construction

Buyers who do not meet any of the requirements are considered ineligible and will need to pay the full duty on the property.