The New South Wales Government is committed to helping as many young people as possible to buy their first home. We are about getting more young families into their first home and helping them to get on with establishing their lives.
First home benefits of up to $24,990 are available being the $7,000 First Home Owner Grant and a duty exemption of up to $17,990 under the First Home plus Scheme.
On 1 January 2011, the cap was increased to $835,000. The $835,000 cap applies to all applications where the commencement date of the eligible transaction is on or after 1 January 2011. Applicants who purchase or build a home which has a total value of more than $835,000 will not be eligible for the grant.
The previous cap of $750,000 still applies where the eligible transaction commencement date falls between 1 January 2010 and 31 December 2010 (inclusive). Prior to 1 January 2010 there was no cap applicable.
The ATO has warned the community to be alert to tax related scams in the lead up to tax time.
Similarly, the Office of State Revenue will never ask clients to pay money to receive a grant or concession.