How to Take Advantage of the NSW First Home Owner Grant

The NSW First Home Owner Grant (FHOG) provides you with a one-off $10,000 financial boost to help purchase a new or substantially renovated home. To qualify, you must meet specific eligibility criteria, including residency requirements and property value limits, making your dream of homeownership in New South Wales more attainable.

If you're a first-time home buyer in New South Wales, the NSW First Home Owner Grant (FHOG) can be a valuable resource to help you step onto the property ladder. Designed to ease the financial strain for first-time buyers, the grant offers significant financial assistance if you meet certain criteria. Here’s a breakdown of what the FHOG offers, who is eligible, and how to apply to make your first home dream a reality.

What is the NSW First Home Owner Grant?

The FHOG is a one-off $10,000 grant aimed at helping first-time buyers purchase a new home, build a property from scratch, or buy an extensively renovated property. This grant can significantly reduce upfront costs, making it easier for you to secure your first home in New South Wales.

To qualify, the home must be new and have a value that doesn’t exceed $600,000. Alternatively, if you're building on vacant land, the combined value of the land and building contract should not exceed $750,000.

Who is Eligible?

To be eligible for the FHOG in NSW, you must:

  1. Be at least 18 years old.
  2. Be an Australian citizen or permanent resident.
  3. Intend to live in the property for at least twelve months within the first 12 months of purchase or completion.
  4. Have not previously owned or co-owned a property in Australia.
  5. Purchase a property that meets the criteria for being a ‘new’ home, such as a newly built residence, a substantial renovation, or a home that was significantly altered.

Frequently Asked Questions

1. What happens if I move out of my home in the first 12 months?
If you entered into a contract to purchase your home on or after 1 July 2023 and live in your home for a continuous period of twelve months, you may keep the grant. However, if you move out before twelve months, you’ll need to repay the grant.

2. Can I apply for the grant if I'm a temporary resident?
No, the FHOG is not available for temporary residents and cannot be backdated if you later obtain permanent residency.

3. My partner and I are buying the property jointly, and neither of us has owned a property before. Do we each get a grant?
No, the FHOG is issued per property transaction, not per person. Only a single grant is available for each purchase.

4. Does my income affect the grant, and is the grant taxed?
No, the FHOG is not means-tested, and you do not have to pay tax on it.

5. What type of home qualifies me for the grant?
eligible properties include new or substantially renovated Australian homes that meet local planning standards. This includes houses, home units, flats, or other types of self-contained, fixed dwellings.

6. I am buying an existing home. Do I qualify for the grant, or does it have to be a new home?
The FHOG is only available for new or substantially renovated homes. Existing homes do not qualify.

7. I already own property outside Australia. Do I still qualify for the grant?
Yes, owning property outside Australia does not disqualify you. The FHOG is only concerned with whether you have previously owned property in Australia.

8. What about investment properties?
If you have owned residential property solely as an investment since 1 July 2000, you may still be eligible for the FHOG on a new property.

9. I inherited a property. Can I claim the First Home Owner Grant for that?
No, the FHOG is only available to buyers or builders of the property; inherited properties are not eligible.

How to Apply for the First Home Owner Grant

Applying for the grant is straightforward. You can submit your application through your financial institution (if they are an approved agent) or directly with Revenue NSW. You’ll need to provide proof of identity, and you may need additional documentation depending on your specific situation.

Why the First Home Owner Grant Matters

Buying your first home is a huge financial commitment, and the FHOG offers a financial cushion that can help reduce the burden. Whether it covers a portion of your deposit or offsets other costs, the FHOG can make homeownership more attainable for first-time buyers in NSW.

Take the Next Step Towards Your First Home

Ready to make the most of the First Home Owner Grant? Speaking to a UNO broker can help you navigate the process and explore home loan options suited to your needs. Contact a UNO broker today to discuss how you can leverage the FHOG to achieve your homeownership goals.

Source: Revenue NSW

Book Call Now

Janu Dhayanathan

October 31, 2024
Try Plans, by UNO
Mortgage calculators completely reimagined
Get Started
Considering a purchase or refinance?

Try Plans by UNO

Mortgage calculators completely reimagined
Get Started
☎️ 🚫 No cold call promise

Related Articles

TESTIMONIALS

What our customers are saying

Crush Huston
November 8, 2024
Paul is an amazing broker. Communicative, responsive and knows his stuff! Highly recommend
Read more
Amanda Pearce
November 7, 2024
After just four months in Australia, our New Zealand home sold, prompting us to stop renting and invest locally. We found Paul through a Kiwi Facebook group, and his exceptional service exceeded our expectations. From initial contact, Paul provided clear explanations, friendly communication, and prompt responses to our queries, making our mortgage process remarkably smooth. We highly recommend him.
Read more
Dom Saric
November 3, 2024
Mike Parsons went above and beyond to ensure that our refinancing journey was painless and successful. He was communicative, accessible (even working while on holidays!), and his knowledge of the systems at play meant that he picked up on things that other brokers missed. Would 100% recommend Mike, and will definitely be back next time we need a broker.
Read more
Ashleigh Breaden
October 31, 2024
Mike Parsons handled our refinance of our home loan with ease and a depth of knowledge that ensured we got the best deal possible for our situation. We didn't have an easy one to solve for with my husband being self employed and we were consolidating finances as well for a car loan. But Mike handled it all for us and once we had provided him with all the documents we literally didn't have to do a thing after that, it was so easy and so quick we are super happy with the experience! Top notch! Highly recommend!!
Read more
Kyle Richards
October 10, 2024
Absolute legend, helped me through the first home buyers scheme, explained everything in a way that made sense, was very knowledgeable and a joy to work with.
Read more
Chloe S
October 8, 2024
Mike Parsons made it possible for us and the in laws to get 2 pretty complicated home loans. He helped us through everything and we'd be happy to use Mike and the team again for anything we needed. Thanks again!
Read more
Sam Rezai
October 2, 2024
I have gone through 6 different mortgage brokers prior to meeting Andrew Wyers. He is the most patient mortgage broker I’ve encountered and also the most knowledgable about the bank’s lending process and products available. It took me 1 year to find a house I was happy with and Andrew was always there to assist with any issues or questions I had; he always return my phone call, even on the weekends or when his away on holidays. The loan process was smooth and I had no complications. The process with Andrew was again nice and easy, he took the time to find and put together the right package that was suited to my situation. I have recommended Andrew to my family & friends and everyone have been grateful and completely satisfied with his service.
Read more
S Wilko
September 23, 2024
I had not dealt with Scott or UNO before finding them on the internet. Even as an Australian citizen living and working overseas, I knew obtaining a loan would be difficult. However, Scott went above and beyond what I expected from a mortgage broker. I genuinely don’t think you could find another company that works as hard as they did to get my home loan approved. I cannot recommend them highly enough. Everyone I dealt with at UNO were extremely professional and helpful. If you are looking for a broker, you would be mad not to give them a go. Thanks to Scott Wilkinson, Dalby Bajwa, Jena Lasquite and Andrew Pacini. Shaun.
Read more
Shan Liao
September 3, 2024
I had an outstanding experience with Tian Liu. He was incredibly professional and attentive, going above and beyond to meet my needs. His expertise and dedication made the entire process smooth and stress-free. Tian's deep knowledge of the market and commitment to finding the best solutions for his clients truly sets him apart. He was always available to answer my questions and provided invaluable guidance throughout. I highly recommend Tian Liu to anyone in need of a reliable and skilled broker!"
Read more
Nathanael Chin
September 3, 2024
Tian Liu provided exceptional service throughout the entire process. His professionalism and keen attention to detail were evident from the start. Tian consistently kept us informed and offered insightful advice that made us feel confident in our decisions. He truly cares about his clients and works tirelessly to ensure the best possible outcome. We couldn't be happier with his assistance and highly recommend Tian to anyone looking for a trustworthy and knowledgeable broker.
Read more
Patrick Winters
August 14, 2024
For the past three years, it has been an absolute pleasure to work with Mike Parsons. He has consistently helped us navigate commercial property loans with skill and efficiency. Mike’s timely and professional responses to our inquiries have been invaluable. We have built a strong, reliable relationship with him and eagerly anticipate continuing our collaboration in the future. We highly recommend his services.
Read more
Lee Robibaro
August 6, 2024
I am so thankful and grateful to have Scott Wilkinson as my broker. He not only looked after me every step from start to finish he gave me confidence and I was able to trust him and his expertise. My children and I are now happy in our new home and very appreciative of Scott's help. I will definitely be only having Scott as my broker from here onward as there is no mucking around and straightforward answers. Thanks again
Read more