Gramyre and Steve,

Thanks a lot for your replies. I really appreciate it. Sorry for the late response, I’ve just been reading all the details with the FHOG and the new First Home Owners Plus grant for exempt stamp duty for purchases.

Just for others who may read this. As a summary if you go out and buy IP’s anywhere right now, (but don’t live in them) it looks like you are still eligible for both of these schemes for a future purchase of your first ‘home’ (residential property that you own and live in) in NSW. The stamp duty exemption may change, as the wording is vague in the fact sheet and will be reviewed and legislated at a later date.

It’s not a bad deal. Say you bought a house to live in for around $300,000, you’d collectively save around $16,000 (FHOG $7000 + NSW Stamp Duty exemption $8990).

Eligibility for First Home Owners Grant (FHOG) – (NSW – similar for other states though too)
http://www.osr.nsw.gov.au/portal/page?_pageid=33,63398&_dad=portal&_schema=OSRPTLT

Eligibility for First Home Owners Plus (NSW Only)
http://www.osr.nsw.gov.au/portal/page?_pageid=33,171539&_dad=portal&_schema=OSRPTLT
(Look for the Fact Sheet in PDF)

Again though note the wording and you decide if what I have said above is correct. I may have read it incorrectly:
“You qualify for the scheme if at least one of the purchasers has never owned and occupied a residential property in any State or Territory within Australia.”

Thanks,

Darren