Time is running out for savings
If you are buying or building your first home, you may still be eligible for benefits under the First Home Owner Grant Scheme, NSW First Home Buyers Supplement, Australian Government First Home Owner Boost and the First Home Plus Scheme.
The Australian Government, as part of its phasing out of the Boost scheme, reduced the amount available for eligible transactions dated on or after 1 October 2009 and on or before 31 December 2009 by half. The Boost scheme will cease to be available for eligible transactions dated after 31 December 2009.
The NSW First Home Buyers Supplement will be available until 30 June 2010 and the $7,000 First Home Owner Grant and the First Home Plus schemes will continue to be available after 30 June 2010.
The following table identifies the grants available to first home owners during the stimulus period 14/10/2008 to 30/6/2010. The amount payable is determined by the date of your eligible transaction.
Home Type |
Benefit Name |
Eligable Transaction Date (contract Date) |
| |
|
14/10/2008 to 10/11/2008 |
11/11/08 to 30/9/2009 |
1/10/2009 to 31/12/2009 |
1/1/2010 to 30/6/2010 |
Established |
First Home Owner Grant |
$7 000 |
$7 000 |
$7 000 |
$7 000 |
| Commonwealth Boost |
$7 000 |
$7 000 |
$3 500 |
|
| Total Grant Available |
$14 000 |
$14 000 |
$10 500 |
$7 000 |
New |
First Home Owner Grant |
$7 000 |
$7 000 |
$7 000 |
$7 000 |
| Commonwealth Boost |
$14 000 |
$14 000 |
$7 000 |
|
| NSW Supplement |
|
$3000 |
$3000 |
$3000 |
| Total Grant Available |
$21 000 |
$24 000 |
$17 000 |
$10 000 |
The total grant shown is in addition to any First Home Plus Duty exemption available to first home buyers. First Home Plus offers an exemption from duty of up to $17,990. When added to the grant payable, benefits up to $41,990 are available to first home owners in NSW.
The First Home Owner Grant, the NSW First Home Buyers Supplement and the First Home Plus schemes are fully funded by the NSW Government and together with the Boost scheme are administered by the Office of State Revenue.
Source:
http://www.osr.nsw.gov.au/benefits/first_home/