Answer by Neha Sharma, Hillsdale 2036 NSW

• The First Home Owner Grant was established by the NSW government for eligible first homeowners who are purchasing or building a new house. The scheme presently only applies to new homes and offers $15,000 towards the purchase price. From 1 January 2016 it will be reduced to $10,000.
• To be eligible for the grant you must meet the following conditions:
  • the contract date must be on or after 1 October 2012;
  • the property purchase must be a brand new home that is:
    • a home that has not been previously occupied;
    • a home that has not been previously sold as a residence; or
    • a home that has been substantially renovated and built to replace demolished premises;
  • all purchasers must be over 18 years old and at least one purchaser must be a permanent resident or an Australian citizen;
  • the purchaser and the purchaser’s spouse must not have had their name on the certificate of title for any other residential property in Australia prior to 1 July 2000. Spouse in this context includes de facto partners;
  • the value of the property must not be more than:
    • $650,000 if the date of execution on the contract is between 1 October 2012 and 30 June 2014; or
    • $750,000 if the contract was executed after 1 July 2014;
  • you can only claim the first home owner’s grant once. You will not be eligible if you have previously benefited from a first home owners grant anywhere else in Australia;
  • the property must be your main residence (the place where you live) for a continuous period of at least 6 months; and
  • companies or trusts are not eligible applicants.
• You can find instructions and an application form on the NSW Office of State Revenue website. You need to lodge your application within 1 year of settlement being completed.