Everything you need to know about the new NSW first-home buyer $15,000 grant

NRL fans will have one eye on the grand final and the other browsing new home listings this grand final weekend as the NSW government’s more generous first-home buyer scheme kicks in Monday.

From October 1 first-home buyers in NSW will be eligible for a $15,000 grant from the NSW government to build or buy a new home under the first home owner grant (new homes) scheme.

The maximum total value of the new home cannot exceed $650,000. 

An application for the grant can be made through a lender or through the NSW Office of State Revenue (OSR).

Applications made through a lender will result in the grant paid on settlement if you are buying a new house or, if you are building a new house, on the first draw down on contracts to build.

You can apply through the OSR after your new house is built or upon settlement once you are registered on title.

The eight-page application form can be downloaded from the OSR website and includes a document checklist and lodgement guide.

In addition, first-home buyers of new homes are also eligible for stamp duty concessions under the first home-new home scheme, with no duty paid on a new home with a dutiable value of $550,000 or residential land valued at $350,000. These concessions have been in place since July 1.

First-home buyers looking for a new apartment in the Sydney inner-city hotspot of Waterloo might consider Becton’s Divercity project.

When finished, the development will have a total of 646 apartments and town homes.

Prices start from $445,000 for a one-bedroom and one-bathroom apartment, meaning potential savings on this purchase for first-home buyers of $30,515:  $15,000 (grant) + $15,515 (stamp duty saving).

Those in the market for detached home could consider Sekisui House’s the Hermitage in Gledswood Hills in Sydney’s south-west. This is a master-planned community development covering 120 hectares and featuring a central three-kilometre green corridor and more than 10 kilometres of bicycle and pedestrian walkways. There is also a proposed 27-hole golf course, cafes and community facilities.

Land starts from $260,000 for a 500-square-metre lot, meaning a potential savings of $22,590:  $15,000 (grant) + $7,590 (stamp duty saving).