question regarding first home buyer/stamp duty.

[maza]

Ok people, this is totally a hypothetical question.

If a first home buyer bought a house to live in, and they got the first home buyer grant and payed no stamp duty, i understand they need to stay in the house for one year.

Lets say after two months he needs the money and needs to sell the house, but he already received the home buyer grant and payed no stamp duty, does he need to pay the grant back or pay stamp duty because he didnt keep the property for one year?

 

[BuildingBlocks]

Both.

For NSW:
http://www.osr.nsw.gov.au/benefits/first_home/general/eligibility/residency/

See the last line.

 

[Propertunity]

...... i understand they need to stay in the house for one year.

You understand wrongly.
From http://www.osr.nsw.gov.au/benefits/first_home/general/eligibility/

applicant will occupy the home as their principal place of residence for a continuous period of at least six months, commencing within 12 months of settlement or construction of the home

So you only need to live there for 6 months not 12.

Lets say after two months he needs the money and needs to sell the house, but he already received the home buyer grant and payed no stamp duty, does he need to pay the grant back or pay stamp duty because he didnt keep the property for one year?

If you cannot live there for 6 months then yes you pay back the grant etc.

However, if you needed the money after 2 months. It might take 2-3 months to find a buyer and then settlement could take 60 days (2 months) - so your 6 months would come up pretty quickly.