The New Home Grant Scheme was introduced on 1 July 2012 to stimulate the construction of new homes in NSW. The scheme provides a grant of $5000. This will be available to buyers of:
• new homes, whether off the plan or newly built, that don’t exceed $650,000 in value
• vacant land that is intended to be the site of a new home that does not exceed $450,000 in value.
Applications for the grant must be made within three months of the date of execution of the agreement for sale or of the transfer (where there is no agreement). A purchaser under the scheme can be any entity, including a natural person, a company or a trustee of a trust and is available to investors as well as owner occupiers. The New Home Grant Scheme is available to you more than once, provided all of the requirements are met.
The payment of the grant will be administered by way of applying the amount of the new home grant as a credit against liability for duty on the agreement for sale or transfer. However, if the total amount of duty is paid, or there is a balance of grant owing, a payment will be issued by cheque upon completion of the purchase (i.e. the registration of the change of title).
What if I am a first home buyer, am I still eligible?
If first home buyers are eligible for a stamp duty exemption/concession under the First Home – New Home Scheme, they cannot receive the $5000 New Home Grant. Also, if they are eligible for a First Home Owner Grant, they cannot receive the $5000 New Home Grant for the same property.
How do I apply?
To apply for the New Home Grant you must submit a grant application together with your agreement or transfer for stamping to the Office of State Revenue (OSR) – a separate application is required for each eligible agreement or transfer. You can access the application forms on the OSR website.
Here at The Quinn Group our experienced team of lawyers and conveyancers can assist you with any questions you have regarding the NSW New Home Grant Scheme. For more information on this, or any other conveyancing or legal issues, please submit an online enquiry or call us on 1300 QUINNS to book an appointment