If you’re a first home buyer looking to build your dream home, there are a range of Government incentives that may help you.

First Home Owner’s Grant (New Homes)

If you’re a first home buyer and you’re buying or building a new home, you may qualify for a $10,000 grant under the First Home Owner Grant (New Homes) scheme. To qualify, the purchase price of your new home must be no more than $600,000. If you’re buying land to build a new home, the total price – including the land and home – must be no more than $750,000. You can apply for the First Home Owner Grant (New Homes) scheme (FHOG) through your bank or financial institution when you arrange finance to buy your home. If you’ve already completed the purchase process or construction has commenced, you can send your application straight to NSW Revenue.

First Home Buyer Assistance Scheme

If you’re a first home buyer, you may be entitled to a concessional rate of transfer duty (previously known as Stamp Duty) or even an exemption from paying it altogether under the First Home Buyers Assistance scheme (FHBAS). Unlike the First Home Owner Grant, the FHBAS applies to • buying an existing home • buying a new home and • vacant land on which you intend to build a home.

Vacant land

The FHBAS applies to vacant land on which you plan to build your home. • You won’t pay any transfer duty if your land is valued at less than $350,000. • For land valued between $350,000 and $450,000, you’ll receive a concessional rate

New and existing homes

As a first home buyer, you may be eligible for a transfer duty concession or exemption. • If your home is valued at less than $650,000, you can apply for a full exemption so that you don’t have to pay transfer duty. • If the value of your home is between $650,000 and $800,000, you can apply for a concessional rate of transfer duty. The amount you’ll have to pay will be based on the value of your home. For more information on the grants available through the NSW Government, visit the revenue.nsw.gov.au website.

First Home Buyer Super Saver Scheme

The First Home Buyer Super Saver Scheme (FHBSSS) is another government incentive that allows First Home Buyers access to release funds from their Super account in order to purchase their first home. A First Home Buyer can release up to $30,000 of super. For more information and to see if you meet the eligibility criteria visit the ato.gov.au website