Introducing Plans by UNO đ
If you're a first-time home buyer in New South Wales, the NSW First Home Owner Grant (FHOG) can be a valuable resource to help you step onto the property ladder. Designed to ease the financial strain for first-time buyers, the grant offers significant financial assistance if you meet certain criteria. Hereâs a breakdown of what the FHOG offers, who is eligible, and how to apply to make your first home dream a reality.
The FHOG is a one-off $10,000 grant aimed at helping first-time buyers purchase a new home, build a property from scratch, or buy an extensively renovated property. This grant can significantly reduce upfront costs, making it easier for you to secure your first home in New South Wales.
To qualify, the home must be new and have a value that doesnât exceed $600,000. Alternatively, if you're building on vacant land, the combined value of the land and building contract should not exceed $750,000.
To be eligible for the FHOG in NSW, you must:
1. What happens if I move out of my home in the first 12 months?
If you entered into a contract to purchase your home on or after 1 July 2023 and live in your home for a continuous period of twelve months, you may keep the grant. However, if you move out before twelve months, youâll need to repay the grant.
2. Can I apply for the grant if I'm a temporary resident?
No, the FHOG is not available for temporary residents and cannot be backdated if you later obtain permanent residency.
3. My partner and I are buying the property jointly, and neither of us has owned a property before. Do we each get a grant?
No, the FHOG is issued per property transaction, not per person. Only a single grant is available for each purchase.
4. Does my income affect the grant, and is the grant taxed?
No, the FHOG is not means-tested, and you do not have to pay tax on it.
5. What type of home qualifies me for the grant?
eligible properties include new or substantially renovated Australian homes that meet local planning standards. This includes houses, home units, flats, or other types of self-contained, fixed dwellings.
6. I am buying an existing home. Do I qualify for the grant, or does it have to be a new home?
The FHOG is only available for new or substantially renovated homes. Existing homes do not qualify.
7. I already own property outside Australia. Do I still qualify for the grant?
Yes, owning property outside Australia does not disqualify you. The FHOG is only concerned with whether you have previously owned property in Australia.
8. What about investment properties?
If you have owned residential property solely as an investment since 1 July 2000, you may still be eligible for the FHOG on a new property.
9. I inherited a property. Can I claim the First Home Owner Grant for that?
No, the FHOG is only available to buyers or builders of the property; inherited properties are not eligible.
Applying for the grant is straightforward. You can submit your application through your financial institution (if they are an approved agent) or directly with Revenue NSW. Youâll need to provide proof of identity, and you may need additional documentation depending on your specific situation.
Buying your first home is a huge financial commitment, and the FHOG offers a financial cushion that can help reduce the burden. Whether it covers a portion of your deposit or offsets other costs, the FHOG can make homeownership more attainable for first-time buyers in NSW.
Ready to make the most of the First Home Owner Grant? Speaking to a UNO broker can help you navigate the process and explore home loan options suited to your needs. Contact a UNO broker today to discuss how you can leverage the FHOG to achieve your homeownership goals.
Source: Revenue NSW
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