Have you ever checked whether you are eligible for a homeowner grant from the Australian or NSW government?
And I’m not talking about the HomeBuilder grant that was introduced to ease the effects of Covid, because this program is now closed. The support I wish to draw your attention to is for:
- first homeowners or
- renovators in a Heritage Conservation area or
- investors in renewable energy.
For any updates on Homeowner goodies make sure you leave your email address here for us to keep you in the know:
If you missed out on any previous support have a look through our overview below to find out if you are eligible for any other subsidy.
First Homeowner Grant for New Homes
This grant is only available if you are a first home buyer of a newly built or substantially renovated home. It is not available for established homes.
How much is the First Homeowner Grant?
$10,000 is available when you buy or build your first new home. This can be a house, townhouse, apartment, unit or similar that is newly built, purchased off the plan or substantially renovated.
Maximum cost of the house, unit or land
If you purchase a newly built house, townhouse, apartment, unit or similar the purchase price must not exceed $600,000.
If you purchase vacant land and sign a building contract with a builder you need to add the following values together:
- Value of the vacant land
- Value of the building contract plus the cost of any building variations
The total combined cost must not exceed $750,000.
First Homeowner Grant for substantially renovated homes
If you purchase a home that was substantially renovated by the seller, the purchase price must not exceed $600,000.
You may be eligible for the grant if:
- most of the home was removed or replaced
- the seller, builder or a tenant has not lived in the home prior to, during or after renovations
- it is the first time the home has been sold since completion of renovations.
Are you eligible for the First Homeowner Grant?
- each applicant must be 18 years or older
- you are a first home buyer as a person (not as a company or trust)
- at least one applicant is a permanent resident or Australian citizen
- you or your spouse, partner or co-purchaser must not have previously owned a home before 1 July 2000
- you occupy your first home as your principal place of residence within 12 months of the construction or purchase, and the minimum period of occupancy is six continuous months.
Read here for more details and to apply for the First Homeowner Grant.
First Home Buyer Assistance Scheme
Besides the First Homeowner Grant, you may also be entitled to save on stamp duty or transfer duty as it is now called. The eligibility criteria are wider; which means that even if you don’t match the criteria for the First Homeowner Grant you might still be eligible for a reduced rate or even exemption of stamp duty.
Have a look at the thresholds below. Be aware that this applies to agreements dated from 1 August 2021.
Save stamp duty for new and existing homes
When you buy a new or existing house for less than $650,000 you can apply for a full exemption. This means you don’t have to pay transfer duty at all.
If the home costs up to $800,000 you can apply for a concessional stamp duty. The amount you save is based on the value of your home.
And while you’re here, don’t forget to get some renovation inspiration from our gallery of completed projects.
Save stamp duty when purchasing vacant land
You won’t pay transfer duty if your land value is less than $350,000. When you pay up to $450,000 you will receive a concessional rate.
For further details check out this website.
Renewable power incentives
To slam the brakes on your monthly energy bill, it might be worthwhile for homeowners to install a renewable energy system. For your investment in green energy, you can even receive a benefit from the Australian Government.
To help you with the purchase cost you must be a:
- household or
- small business
and install a small-scale renewable energy system that includes:
- solar photovoltaic (PV) panels
- wind turbines
- hydro systems
- solar water heaters, and
- air source heat pumps.
How does it work?
Installing an eligible system allows the creation of Small-scale Technology Certificates (STCs). Following, you can redeem their value by selling or assigning them.
The number of STCs created is based on:
- the amount of renewable electricity the system produces or the amount of electricity consumption it reduces
- the climate region of the installation location.
What benefit do homeowners receive?
Owners have 2 options for receiving benefits for their STCs:
- Assigning them to an agent, usually the system installer, in exchange for a discount or delayed cash payment
- Selling the certificates themselves
There are 2 options for selling the certificates:
- Through the open STCs market with pricing subject to market forces
- Through the STCs Clearing House with the price fixed at $40 per STC, excluding GST.
To learn more about this Small-scale Renewable Energy Scheme, click here.
Heritage Homeowner Grant in Ku-ring-gai
There is something very special about living in a heritage-listed residence. But on the other hand, oozing the aura of historic or environmental significance can be expensive when it comes to upkeep or renovation of the home.
That’s why some Councils assist homeowners in the maintenance and conservation of their heritage place. One of these Councils is Ku-ring-gai in Sydney’s North that consists of the following suburbs:
East Killara, East Lindfield, Gordon, Killara, Lindfield, North Turramurra, North Wahroonga, Pymble, Roseville (part), Roseville Chase, South Turramurra, St Ives, St Ives Chase, Turramurra, Wahroonga (part), Warrawee and West Pymble.
Who receives funding for their heritage place
You might be eligible if you live in a listed heritage item or in a contributory heritage property within a heritage conservation area.
The grant is only available for approved conservation works and maintenance works to original and significant fabric.
Funding works on a dollar-for-dollar basis. This means that if you spent $5,000, Council would contribute the same amount. Bear in mind that your minimum expenditure must be $1,000 and up to a maximum of $5,000.
How to apply for the subsidy
Ku-ring-gai’s Heritage Home Grant program is an annual heritage incentive. Therefore, you can apply for a subsidy between 1 April and 31 May each year.
Following, your application will be referred to the Ku-ring-gai Heritage Reference Committee for their advice. Subsequently, the Council will decide on the funding.
Most importantly, make sure that you apply for the Heritage Home Grant well before you intend to start the works. Because Council will not grant retrospective funding, and you don’t want to miss out on this incentive.
Read more about this program that assists and encourages homeowners in the ongoing maintenance and conservation of their heritage places.
Design services for homeowners
For any updates on all things renovation related leave us your email address here: