If  you’re a first home buyer, you can benefit from up to $7,000 from the federal government.   Until the end of 2011, you could also be elegible for a stamp duty exemption.

What is FHOGS?

The First Home Owner Grant Scheme (FHOGS) is fully funded by the NSW Government and administered by the Office of State Revenue (OSR).

The Scheme was established to assist first home buyers to purchase their first home by offering a $7000 grant.

Eligible first home owners can receive the grant regardless of their income or the area in which they are planning to buy or build. However, there is a cap placed on the value of the home.

For more info, click here to visit the NSW Office of State Revenue website.

What is the First Home Plus Scheme?

The First Home Plus scheme provides exemptions or concessions on transfer duty for people who are buying their first home in NSW. This includes buying vacant land on which you intend to build your first home.

The First Home Plus Scheme provides eligible purchasers with exemptions on transfer duty on homes valued up to $500,000 and concessions on duty for homes valued between $500,000 and $600,000.

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, and will receive concessions on duty for vacant land valued between $300,000 and $450,000.

NOTE: This benefit ends January 1st 2012.  To read the latest news on this issue, click here.

For more info from the NSW government on First Home Plus, click here.