What do you need to know about the NSW First Home Owner’s Grant for new homes?

The median house price in Sydney has spiralled upwards and now sits at an amount well out of the reach of most first home buyers. The same can be said about most capital cities around Australia.

Thankfully, the local government acknowledged how challenging buying your first home in NSW can be, and have offered a little assistance. The NSW First Home Owners Grant for new homes is a decent sum, that could help you get into a property sooner. Keep reading to find out if you’re eligible and if so, for how much.

Am I eligible?

There’s several criteria that you must meet in order to be eligible, including those listed below.

• The home must be brand new, and not been lived in or sold before.
• You must not have received a first home buyer’s grant before, including those in other states.
• The value of your home must not exceed the scheme’s cap of $750,000.
• You must be over 18 and be a permanent Australian resident or citizen.
• You must live in the home for at least six months after purchase.

To be 100 per cent sure that you’re eligible, it’s best to contact us for advice on a case by case basis. Do so and you’ll be confident that you’re eligible before starting the search for your first home.

How much can I get and what will that buy me?

If you’ve met all of the eligibility criteria you’ll be entitled to a grant of $10,000 towards your first home. This is a brilliant head start as it instantly gives you $10,000 more equity, or allows you to purchase your home earlier and pay off your mortgage quicker.

You may even find that your able to purchase a more suitable property thanks to the grant: perhaps a detached house instead of an apartment or something with two bedrooms instead of one.

According to Real Estate Australia, this amount will make up 10 per cent of a 20 per cent deposit on a two bedroom unit in almost two dozen suburbs around NSW. This is a decent helping hand and will make achieving your goal of home ownership considerably easier in the long run.

Take advantage of this amazing opportunity and get your leg up onto the bottom rung of the property ladder soon.