First Home Benefits - Sydney
If you are buying or building your first home, you may be eligible for benefits under the First Home Owner Grant Scheme, NSW First Home Buyers Supplement, Australian Government First Home Owner Boost and the First Home Plus Scheme.

On May 12, 2009 in its 2009/2010 Budget, The Australian Government has announced an extension to the First Home Owner Boost, which supplements the State & Territories Government funded First Home Owner Grant Scheme. According to the announcement from the Australian Government:   

Contracts must be exchanged before the stated cut-off dates

• Some State Governments have announced additional incentives for new homes
• Most Analysts predict that there will be no further extensions to the FHB Boost
• To be eligible for the full amount you need to act quickly before Sept 30, 2009

Residency requirements

• Each applicant is a natural person and not a company or trust.
• At least one applicant is a Permanent Resident or Australian Citizen.
• Each applicant must be at least 18 years of age.
• All applicants and/or their spouse/de facto have not owned a residential property, jointly, separately or with some other person, in any State or Territory of Australia before 1 July 2000.

Both the First Home Owner Grant and First Home Plus Schemes have residency requirements.
Under the First Home Owner Grant Scheme, at least one applicant must occupy the home as their principal place of residence for a continuous period of six months commencing within 12 months of settlement or construction of the home.
Under First Home Plus and First Home Plus One, if you are buying an existing home:

• at least one of the eligible purchasers must occupy the property as their principal place of residence for a continuous period of at least six months, with that occupation starting within 12 months after completion of the agreement or transfer.
• in the case of vacant land, the Chief Commissioner must be satisfied the vacant block of land is intended to be used as the site of a home to be occupied as the principal place of residence of one of the eligible purchasers.

Stamp Duty Savings
There are also Savings on stamp duty for the purchase of new properties. Please enquire as concessions vary from state to state.

Sydney

 1.  No Stamp Duty for First Home Buyers for homes/apartments up to $500,000 andconcession (discount) for Stamp Duty on homes/apartments worth between $500,000 and $600,000

2.  50% Off Stamp Duty on All New Homes/Apartments up to $600,000 (contracts entered up until 30 June 2010)

_{Disclaimer:  The above information is indicative only. You must seek professional advice regarding eligibility.
Penta Properties International does not take any responsibility for the information supplied.}