Congratulations on buying your first home! This is a very exciting time.
At Coastwide Conveyancing we understand that as a first home buyer you are apprehensive and we undertake to guide you gently through your conveyancing process ensuring that you understand every step of the transaction as it occurs.
If you are buying or building your first home, you may be eligible for benefits under the First Home Owner Grant Scheme and the First Home Plus Scheme. To take advantage of the stamp duty exemption (First Home Plus Scheme) you must exchange on a property prior to 1 January 2012. From 1 January 2012 First Home Plus exemptions and concessions will be replaced by the First Home – New Home Scheme.
The amendments provide that an agreement or transfer will only be eligible for the concession or exemption if it is for the acquisition of a new home or vacant land intended to be used as the site for a new home.
The NSW First Home Buyers Grant in the sum of $7,000 is available to Australian citizens purchasing their first home (up to the value of $835,000).
Eligible first home owners can receive the grant regardless of their income or the area in which they are planning to buy or build. The grant is not means tested and no tax is payable on it.
Eligibility criteria is as follows:-
- Each applicant is a natural person not a company or a trust.
- At least one applicant is a permanent resident or Australian citizen.
- Each applicant must be at least 18 years of age.
- All applicants and/or their spouse/de facto have not previously owned a residential property, jointly, separately or with some other person, in any State or Territory of Australia before July 2000.
- All applicants and/or their spouse/de facto have not previously owned a residential property, jointly, separately or with some other person, in any State or Territory of Australia, and occupied that property for a continuous period of at least six months.
- Each applicant has entered into a contract for the purchase of a home or signed a contract to build a home on or after 1 July 2000. In the case of an owner-builder, laying of the foundations commenced on or after 1 July 2000.
- The total value of the property does not exceed the $835,000 cap for eligible transactions which commenced on or after 1 January 2011.
- This is the first time an applicant and/or their spouse/de facto will receive a grant under the First Home Owner Grant Act 2000 in any State or Territory (unless subsequently repaid).
- At least one applicant will 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. Where an applicant was a member of the permanent forces of the Australian Defence Force and all applicants were enrolled on the NSW electrol roll, as at the commencement date of the eligible transaction, dated on or after 21 October 2009, then all applicants are exempt from the residence requirement.
We are available by telephone or email seven (7) days a week to answer any questions and assist you in any way we can with the purchase of your first property.
For more information see the Office of State Revenue Fact Sheet
NSW Home Builders Bonus
- Applies to new homes not exceeding $600,000
- Applies to vacant land not exceeding $400,000
The NSW Home Builders Bonus has been introduced to stimulate the construction of new homes in NSW. The Home Builders Bonus provides exemptions and concessions for certainpurchases of new homes, homes off the plan and vacant land on which a new home will be built.
The new housing concession provides a full exemption of stamp duty on transactions relating to vacant land and off the plan purchases where building has not commenced. A partial concession of 25% of stamp duty payable applies to completed new homes or off the plan purchases where construction has commenced.
There is no limit to the number of new homes a person may purchase under this concession.
Contact us to find out more or to arrange an appointment.