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FHOG & Stamp Duty Concessions NSW

Summary of changes to the NSW FHOG scheme from October 2012

Grants:

  • FHOG of $7000 for established homes has been phased out.
  • FHOG for new homes will increase to $15,000 between 01/10/2012 to 31/12/2013 for homes up to $650,000.

Stamp duty concessions:

  • Stamp duty exemptions remain in place for new homes only with new caps of $550,000 for a full exemption and with partial exemptions for between $550,000 and $650,000.

First home buyers buying a new property for $550,000 between October 2012 and December 2013 will receive $35,240 in grants and fee exemptions!! PLUS...

****** MORTGAGE EXPERTS NSW FIRST HOME BUYERS SPECIAL OFFER AUTUMN 2013 ******

Are you eligible for the FHOGrant? Apply for a loan of $450,000 or more with Mortgage Experts as your broker before the 31st of May 2013 to receive $750 cash back on the settlement of your new purchase.

Combine this with our access to over 20 lenders including all the major lenders and our expertise with handling low deposit loans and you can't go wrong. Call us on 1300 711 054 mention this offer and ask to speak to Marty McDonald. He will discuss and analyse all your first home loan options in detail and guide you through the whole process.

Check out Marty talking about Mortgage Experts on YouTube.

****** MORTGAGE EXPERTS NSW FIRST HOME BUYERS SPECIAL OFFER AUTUMN 2013 ******

FHOG NSW eligibility criteria:

  1. Each applicant is a natural person and not a company or trust.
  2. At least one applicant is a permanent resident or Australian citizen.
  3. Each applicant must be at least 18 years of age.
  4. All applicants and/or their spouse/de facto have not owned a residential property, jointly, separately or with some other person, in any State or Territory of Australia before 1 July 2000.
  5. All applicants and/or their spouse/de facto have not owned on or after 1 July 2000 a residential property and occupied that property jointly, separately or with some other person in any State or Territory of Australia for a continuous period of at least six months.
  6. Each applicant has entered into a contract for the purchase of a home or signed a contract to build a home on or after 1 July 2000. In the case of an owner-builder, laying of the foundations commenced on or after 1 July 2000.
  7. The total value of the property does not exceed the $835,000 cap for eligible transactions which commenced on or after 1 January 2011. (This date refers to the date the contract is entered into not the settlement date).
  8. This is the first time an applicant and/or their spouse/de facto will receive a grant under the First Home Owner Grant Act 2000 in any State or Territory (unless subsequently repaid).
  9. At least one applicant will occupy the home as their principal place of residence for a continuous period of at least six months, commencing within 12 months of settlement or construction of the home.
  10. You have entered into a contract to purchase or build a new home in NSW after the 1st of October 2012.

Fhog NSW interesting point of note

  • You can have purchased an investment property after July 2000 and still be eligible for the grant as long as you never lived in the investment property (points 4 and 5). 

 

       ........................The below information is out of date but may still be of interest......................................

FHOG NSW (First home owners grant NSW) - phased out for existing homes from the 1st of October 2012.

Please note....The previous fhog NSW amount of $7000 for NSW property has been phased out and replaced by the above offer for newly built property only.  

The Fhog NSW grant can be paid after the settlement or at settlement of a purchase. Most home loan lenders can act as agents for the NSW government for the processing of Fhog NSW applications. This means lenders can process grant applications as part of the home loan application. This is great for first home buyers as it means the $7000 grant can be considered as part of their deposit when applying for a loan.

NSW first home buyers stamp duty concessions "NSW first home plus scheme (FHP)" - Has now ceased - cut off date was 31/12/2011 for established dwellings.

The First Home Plus scheme provided exemptions or concessions on transfer duty (commonly called stamp duty) for people who were buying their first home in NSW between 2004 and the end of 2011. So it differed from the Fhog NSW offer as it was a reduction in a fee that is normally payable rather than a cash grant. The First Home Plus Scheme provided eligible purchasers with exemptions on transfer duty on homes valued up to $500,000 and concessions on duty for homes valued between $500,000 and $600,000.

NSW first home buyers "First Home / New Home Scheme" - from 01/01/2012

The First Home - New Home scheme provides exemptions or concessions on transfer duty for people who are buying their first home in NSW which is newly built or is "off the plan". This includes buying vacant land on which they intend to build their first home.

The First Home - New Home Scheme provides eligible purchasers with exemptions on transfer duty on new homes valued up to $500,000 and concessions on transfer duty for new homes valued between $500,000 and $600,000.

Eligible purchasers buying a vacant block of residential land to build their home on will pay no duty on vacant land valued up to $300,000 and will receive a concession on duty for vacant land valued between $300,000 and $450,000.

This scheme does not apply to the purchase of an existing dwelling.

** Source: NSW OSR web site

The NSW Home Builders Bonus (HBB)

As well as the stamp duty concessions available under the NSW First home - New home scheme, first home buyers may also be eligible for the NSW home builder’s bonus (HBB). However you can only opt to take up one or the other.

The following information should be used when considering which scheme provides a first homebuyer with the greatest stamp duty concession benefit. The NSW Home Builders Bonus (HBB) only applies to new homes. With both forms of stamp duty concessions you can also apply for the Fhog NSW.

Vacant land

Price Range Scheme Reduction in Duty
Up to $400,000 Apply HBB Full Exemption
$400,000 to $450,000 Apply FHNH Partial Exemption

A full exemption of duty is available under the NSW Home Builders Bonus, provided building will commence within 26 weeks from the date of completion of the Agreement for Sale. If this requirement cannot be met, the first homebuyer may still apply for the First Home New Home Scheme. This would provide a full exemption up to the purchase price of $300,000, and a partial exemption up to $450,000.

The Fhog NSW does not apply to the purchase of vacant land but does apply to people building their first home where the total value of the property (land and improvements) will not exceed $835,000.

Off the plan purchase (before construction commences)

Price Range Scheme Reduction in Duty
Up to $600,000 Apply HBB * Full Exemption

In order to meet the requirements of the NSW Home Builders Bonus, the first homebuyer must provide evidence that building has not commenced at the date of the agreement for sale.

If unable to do this, application should be made for the First Home New Home, which will provide a full exemption up to $500,000 and a partial exemption up to $600,000, but has specific residency requirements.

Off the plan purchases (after construction commences) and purchases of new homes

Price Range Scheme Reduction in Duty
Up to $500,000 Apply FHNH Full Exemption
Above $500,000 and up to $570,500 Apply FHNH Partial Exemption
Above $570,500 and up to $600,000 Apply HBB 25% Concession

If you are a first homebuyer and the purchase price of the new home does not exceed $570,500 you should apply under the First Home New Home Scheme. This will provide an exemption from duty for homes up to $500,000 and a partial exemption for homes between $500,000 and $570,500.

Where the purchase price exceeds $570,500 but does not exceed $600,000, the NSW Home Builders Bonus will provide the better option, being a 25 per cent discount of duty payable.

The Fhog NSW is available for purchases up to $835,000. First Home Plus and Fhog NSW have specific prior ownership and residency requirements that must be met while the HBB is not specifically targeting first home Buyers.

Tying it all together

So you can see there is a range of options available to help NSW first home buyers. At Mortgage Experts Online we can work with you to not only get you the right loan but also to take care of the Fhog NSW for you. We can also guide you on what is the most cost effective stamp duty concession for you to apply for (if you qualify).

Disclaimer:  The information for Fhog NSW and stamp duty concessions NSW is correct at time of writing. Please contact us to confirm if the information is still current before relying on this information. Last updated 12/06/2012

Are you eligible for Fhog NSW? Talk to us.

Our Current Lender Panel

Lex Luther Enterprises Pty Ltd (ABN 58114636949) trading as “Mortgage Experts” is an Authorised Credit Representative (444479) of Martin Warren Thomas McDonald, Australian Credit Licence (391230) under s64(1) of the National Consumer Protection Act 2009.