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First Home Owners Grant (New Homes) - $15,000

The Scheme has been established to assist first home owners to purchase or build a new home by offering a $15 000 grant. FHOG (New Homes) will apply to eligible transaction, where the transaction commencement date (contract date) is on or after 1 October 2012. The FHOG (New Homes) grant will reduce to $10,000 on 1 January 2014 for eligible transactions which have a commencement date (contract date) on or after 1 January 2014.

First Home New Homes Scheme – exemptions upto $20,240

The First Home New Home scheme provides eligible purchasers with exemptions on transfer duty on new homes valued up to $500,000 ($550,000 from 1 July 2012) and concessions on transfer duty for new homes valued between $500,000 ($550,000 from 1 July 2012) and $600,000 ($650,000 from 1 July 2012).

Eligible purchasers buying a vacant block of residential land to build their home on will pay no duty on vacant land valued up to $300,000 ($350,000 from 1 July 2012) and will receive a concession on duty for vacant land valued between $300,000 ($350,000 from 1 July 2012) and $450,000.

Source: http://www.osr.nsw.gov.au/benefits/first_home/