2009 Spring

First Home Owner’s Schemes, continued
Residency requirements
Both the First Home Owner Grant and First Home Plus Schemes
have residency requirements. Under the First Home Owner Grant
Scheme, at least one applicant must occupy the home as their principal
place of residence for a continuous period of six months commencing
within 12 months of settlement or construction of the
home.
Under First Home Plus and First Home Plus One, if you are
buying an existing home:
• at least one of the eligible purchasers must occupy the property as their principal
place of residence for a continuous period of at least six months, with that occupation
starting within 12 months after completion of the agreement or transfer.
• in the case of vacant land, the Chief Commissioner must be satisfied the vacant
block of land is intended to be used as the site of a home to be occupied as the
principal place of residence of one of the eligible purchasers.
If, for some reason, you are unable to move into your new home within 12 months and still intend
to occupy it as your principal place of residence, you must forward an application to the Chief
Commissioner for an extension of time before the end of the 12 month period. The Chief Commissioner
does have the discretion to extend the time for you to move in and his decision will be
based on the merits of your claim.
If the residency requirement is not met and you have not been granted an extension of
time, then within 14 days of the end of the 12 month period you must:
• give written notice of this fact to the Chief Commissioner, and
• pay back the grant and/or relevant duty to the Chief Commissioner. The relevant
duty is the amount you saved as a result of an exemption or concession on transfer
and mortgage duty.
(Source: New South Wales, Office of State Revenue website)
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