NSW Grants
Great value with Government Grants
If you’re looking for value, you’ll love Googong. Not only does your budget buy a bigger block here in town, there are also NSW and Commonwealth Government grants that you may be eligible for. Please note that you’ll need to make your own enquiries as to your eligibility for these grants and rebates, and the conditions that apply. A quick guide on these grants and incentives can also be downloaded here, with more detail and useful links outlined below.
Commonwealth Government First Home Loan Deposit Scheme
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Eligible first home buyers can purchase a modest new home (or newly built home or the purchase of land and construction of a home), with a deposit with as little as 5 percent without needing to pay for lenders mortgage insurance.
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The National Housing Finance and Investment Corporation guarantees to a participating lender up to 15 percent of the value of the property purchased that is financed by an eligible first home buyer’s home loan.
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All applications for the First Home Loan Deposit Scheme need to be made directly with one of the Scheme’s participating lenders.
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Income thresholds are $125,000 for singles, or $200,000 for couples.
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Property price caps apply.
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The scheme has a total of 20,000 places available for the 2021 financial year.
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For more information on the First Home Loan Deposit Scheme including eligibility requirements, click here: https://www.nhfic.gov.au/what-we-do/fhlds/
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Eligible first home buyers may also be able to take advantage of the Commonwealth Governments First Home Super Saver Scheme, HomeBuilder Grant, and state and territory grants.
Commonwealth Government $25,000 HomeBuilder Grant
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Eligible home buyers (not just first home buyers) will receive a $25,000 grant to go towards the cost of building a new home (including land) up to the value of $750,000, or to assist with renovations of between $150,000 and $750,000.
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The scheme is effective immediately (4/6/20) and where a contract is entered into between by December 31, 2020.
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Income thresholds are $125,000 for singles, or $200,000 for couples.
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For more information on the HomeBuilder grant, click here: https://treasury.gov.au/coronavirus/homebuilder
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Update 11/8/20: Revenue NSW has advised that applications for the HomeBuilder Grant can now be made via the claim portal on their website here.
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Update 29/11/20 Extension to HomeBuilder Program
The Australian Government has announced an extension of the HomeBuilder Program to 31 March 2021. A $15,000 grant (reduced from $25,000) is available for building contracts signed between 1 January 2021 and 31 March 2021, inclusive. There has also been an extension granted to construction commencement from three to six months of the building contract being signed (including those signed on or after 4 June 2020), and the property price cap has increased in NSW to $950,000. Conditions and eligibility criteria apply, see https://treasury.gov.au/coronavirus/homebuilder for details.
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Update 19/4/21 Extension to HomeBuilder Program
The Australian Government has announced that applicants under the scheme now have 18 months from the date of signing a building contract to commence work, replacing the prior trigger of six months. The extension is available to all applicants who signed a contract between June 4, 2020, and April 14, 2021. Applicants now have until April 30, 2023, to submit all supporting documentation to their relevant state or territory revenue office.
Commonwealth Government First Home Super Saver Scheme
- The FHSS scheme allows eligible first home buyers to save money inside their super fund to help them save faster with the concessional tax treatment of superannuation.
- Eligible first home buyers can apply to release their voluntary contributions, along with associated earnings, to help purchase their first home.
- A maximum of $15,000 of voluntary contributions from any one financial year can be included in eligible contributions to be released under the FHSS scheme, up to a total of $30,000 contributions across all years. Successful applicants will also receive an amount of earnings that relate to those contributions.
- For more information on the First Home Super Saver Scheme, click here: https://www.ato.gov.au/individuals/super/withdrawing-and-using-your-super/first-home-super-saver-scheme/
NSW Government First Home Buyers Assistance Scheme
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For 12 months commencing 1 August 2020:
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Eligible first home buyers have full exemption from stamp duty for new homes up to $800,000, with stamp duty discounted for transactions up to $1 million.
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Eligible first home buyers have full exemption from stamp duty on vacant land up to $400,000, and will phase out at $500,000.
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For eligibility and conditions associated with this schemes, visit the official NSW Government website.
NSW Government First Home Owner Grant (New Homes) scheme
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Provides a grant of $10,000 for new home purchases under $600,000, or
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For a property where you enter into a contract to build – or are an owner builder– the grant applies for total value up to $750,000.
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For eligibility and conditions associated with this schemes, visit the official NSW Government website.
Energy saving rebates
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Finally, you may also be eligible for energy saving rebates from the NSW Government for solar hot water, photovoltaic cells, and heat pumps. You can find more information here.
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