The First Home Owner Grant (New Homes) scheme (the Scheme) was established to assist eligible first home owners to purchase a new home or build their home by offering a grant.
The grant amount is determined by the date of the eligible transaction. This is the date of the contract to purchase a new home or contract to build a home. For an owner builder, the eligible date is when the building work commences.
From 1 July 2017, the First Home Owner Grant Cap for new home purchases is $600,000; for a property where you enter into a contract to build, or are an owner builder the total value cannot exceed $750,000.
For eligible transactions made on or after 1 January 2016, the grant amount is $10,000.
Find out if you can get the New South Wales First Home Owner Grant (New Homes) here.
The first home buyers assistance scheme provides exemptions or concessions on transfer duty for eligible first home buyers in NSW.
The "shared equity arrangements" within the first home buyers assistance scheme allows for eligible first home buyers to purchase property with other parties and still receive a concession.
The agreement of transfer must be for the acquisition of a home or vacant land intended to be used as the site of a new home.
Read more about the First Home Buyers Assistance scheme.
Find out more about the first home buyer stamp duty reduction in NSW here.