We have excellent news if you’re planning to buy your first home in 2020 – in terms of grants and concessions, there are some great opportunities to take advantage of if you’re eligible. So which government housing grants for first time home buyers are available to consider?
First up, there’s the NSW First Home Owner’s Grant. If you’re eligible, this grant can provide $10,000 towards buying or building your first home. When buying, the home must be newly constructed and have a total value of less than $600,000 to qualify.
Next up there’s the First Home Buyer Assistance scheme, whichcould provide you with an exemption or reduction in transfer duty charges if you’re eligible. While recent changes in 2020 have increased the threshold when buying new homes and vacant land, the threshold for the purchase of an existing home has remained the same. Transfer duty charges can amount to thousands, so this one is definitely worth looking into!
There’s also the Federal HomeBuilder Grant, whichprovides $25,000 towards building a new home where the contract is signed between 4 June 2020 and 31 December 2020 and where construction commences within three months of the contract date.
For first time buyers looking to purchase in central Sydney suburbs such as Randwick, Bondi Junction, Redfern, Haymarket and Surry Hills, the financial assistance you can receive will largely depend on the type of home you buy. For example, if you’re buying a new apartment that comes in under $600,000 you could potentially be eligible for the NSW First Home Owner’s Grant. And the FHBA scheme is the most likely to support first home buyers across the board, as it’s applicable for both new and existing properties.
It’s worth noting that to qualify for first home buyer grants and concessions, you’ll need to move into your property within 12 months of buying your property and live there for at least six continuous months. If you rent out your property as soon as you buy this could impact on your eligibility for first home buyer assistance, so it really pays to read up on the criteria to gain all of the financial assistance you can access.
You can find all up-to-date information on first home buyer grants, first home owners grant eligibility and assistance over at the dedicated NSW Revenue page. Our sales team at Wills Property also stays updated on all the latest grant and concession legislation, and can absolutely help you to find great centrally located properties that will fit into specific criteria.