NSW First Home Owner (New Homes) Grant 2024

21st June, 2024

Buying a property in New South Wales (NSW) is a dream for many Australians, but substantial deposits and a competitive market can make this dream challenging to achieve. For first home buyers, these obstacles are even more evident. Fortunately, the NSW government offers the First Home Owner (New Homes) Grant (FHOG) to help aspiring homeowners enter the property market sooner. 


What is the First Home Owner (New Home) Grant? 

The FHOG is a government initiative designed to assist first-time home buyers in purchasing their first property, whether you are building a new home, or you are purchasing a brand new or substantially renovated property. The FHOG provides a financial boost to help cover the costs associated with buying a new home. It complements the First Home Buyers Assistance Scheme, offering further financial relief. 


How Much is the First Home Owner (New Home) Grant? 

In 2024, the FHOG offers up to $10,000 towards the purchase price of a new home. This amount can vary based on factors such as the property’s type and location. It’s important to check the latest figures on the official NSW government website, as grant amounts and policies can change. 


Who is Eligible for the First Home Owner (New Home) Grant? 


 To qualify for the FHOG, applicants must meet specific criteria: 

  • Be at least 18 years old 
  • Be an Australian citizen or permanent resident 
  • Be buying or building their first home 
  • Ensure the home is new and has not been lived in before 
  • The property must be worth no more than $600,000, or $750,000 for a house and land package 
  • Move into the property within 12 months of settlement and live there for at least 12 continuous months 


Does the First Home Owner (New Home) Grant Count Towards Your Deposit? 

While the FHOG does not directly contribute to your deposit, it can indirectly ease your financial burden. The FHOG can cover expenses like settlement costs and other upfront fees, allowing you to allocate more of your savings towards your deposit. 


The Application Process  

  1. Check Eligibility: Ensure you meet all the criteria listed above. 
  2. Prepare Documentation: Gather necessary documents, including proof of identity and property details. 
  3. Submit Application: Your conveyancer can help submit your application through the Grant portal.   
  4. Await Approval: Processing times can vary, so submit your application well before your planned settlement date. 
  5. Receive Funds: Funds are typically disbursed at the time of settlement, helping you cover associated costs. The timing may vary depending on application processing times, so it’s worthwhile to submit your application early to avoid delays. 


The FHOG is a valuable resource for those looking to buy their first home in a challenging market. For the latest information consult the Revenue NSW website or speak with a conveyancer to ensure you make the most of this opportunity.