New Home Grant offers $5000 for buyers or builders
Good news for non-first home buyers and builders in NSW! As of 1 July 2012, the NSW Government will give you $5000 when you purchase a new home, a home-off-the-plan, or some vacant land – and there’s no limit to how many times you apply for the grant!
Here are the details…
Name: New Home Grant
How it is paid: Payment is made in one of two ways: 1) You can either reduce the duty payable on the vacant land or new home by $5000 on your agreement or transfer, or 2) You can pay the full duty on the vacant land or new home and receive a payment of $5000. You’d obviously go with the latter if your stamp duty was less than $5000.
- For buyers of a new home, the value of the house can’t exceed $650,000.
- For buyers of vacant land, the value of the land can’t exceed $450,000.
- For vacant land, construction must begin with the laying of foundations within 26 weeks of settlement. There is no time limit on completion of the build.
- Applications for the New Home Grant must be made to the Office of State Revenue within three months of the first execution of the agreement.
- There is no requirement for you to live in the new home.
- If eligible you can apply for the $5000 New Home Grant and the $7000 Regional Relocation Grant.
- You can’t apply for the $5000 New Home Grant if you are applying for the $15,000 First Home Owner Grant.
Download a New Home Grant Application Form