Conveyancing and Property Lawyers Sydney Solicitors

Property is our passion
Selling a property

First and new home buyers

Gain up to $10,000

Stamp/transfer duty exemption

Save up to $24,477

First and New Home Buyers

We can help you obtain First Home Buyers benefits if you are an eligible First Home buyer. When you contact us we can help you with more up to date information as the government shcemes change from time to time.

The First Home New Home Grant is $10,000.00 as at 1 September 2020 and is available for first home buyers who purchase a new home and land with a combined value of up to $750,000.00. As the rules change frequently please contact us for up to date information.

You could be eligible if you ...

  • Are an individual or a couple buying or building your first home,
  • Are an Australian citizen or permanent resident,
  • Have all the proof of identification required for the application,
  • Are entering into a binding contract to buy or build a new home after 1 July 2000 (owner-builders who started building a home after 1 July 2000 are also eligible),
  • Make your application before the relevant deadline, and
  • You meet all the criteria required for the application.

You may be eligible for the Home Builder Bonus scheme of $25,000 if you are buying land and building a brand new home on it or if you are substantailly renovating your property, if you meet all the criteria.

  • We can help you apply for the Bonus of $25,000.

You may be eligible for a stamp duty exemption or concession in the following circumstances if you meet all relevant criteria.

  • For purchasing land the transfer is exempt from duty up to $400,000 then concessional duty applies to $500,000.
  • For purchasing an existing property the transfer is exempt from duty up to $650,000 then concessional duty applies to $800,000.
  • For purchasing a new home exempt the transfer is exempt from duty up to $800,000 then concessional duty applies to $1,000,000.
  • We can help you apply for your exemption or concession from transfer duty.

Please ensure that before you enter into a contract that you are certain that you meet all the requirements to gain the First Home New Home Grant otherwise you may not recieve the grant. We can help you determine if you meet the requirements of the Government (Revenue NSW) to obtain the Grant and also complete the documentation needed.

You should ensure, before exchange of contracts, that you do meet the conditions of obtaining each of the Grants and/or benefits that you seek. You should also ensure, before exchange of contracts, that you do meet the conditions of obtaining, any stamp duty exemption or concession.

Houses, townhouses, flats and units all qualify for the grant. You remain eligible even if you've previously purchased land, just as long as you haven't built a home on it. We have helped a client in this situation.

A successful application means that you receive either of the First Home New Home Grant of $10,000.00 if you are purchasing a new property, the Home Builder Bonus of $25,000 and/or the stamp duty exemption of about $31,335. The amount that you would receive will depend on the purchase price and date that you exchange contracts. Usually you would receive the Grant on settlement of your purchase, or alternatively you may receive these monies after settlement.

This is general information only. For more detailed information please call us now on (02) 9232 0050.

 

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