Money up for grabs from the NSW Government – But there is a catch!
First Home Owners – Exemptions No More…Well For Some!
Currently, people wanting to purchase their first home or vacant land on which they intend to build their first home are entitled to exemptions and concessions from paying stamp duty on the purchase under the First Home Plus Scheme. Exemptions are currently available for properties valued up to $500,000 and land valued up to $300,000. Concessions are available for properties valued between $500,000 to $600,000 and land valued between $300,000 and $450,000.
From 1 January 2012, this scheme will be replaced by the First Home – New Home Scheme. An agreement or transfer to purchase your first home will only be eligible for the concession or exemption if the home is:
a. A first home; AND
b. a new home, a substantially renovated home (that has been unoccupied since the renovations) or vacant land intended to be used as the site for a new home.
The current value limits detailed above will continue to apply to the new scheme.
First Home Plus exemptions and concessions will continue to apply in relation to agreements to purchase an existing home entered into before 1 January 2012. If you require any assistance in relation to purchasing your first home, please contact us for some helpful guidance.
Need Some Motivation for a Sea Change? $7,000 to Relocate to a Regional Area.
In a blog earlier this year we informed you of a new scheme introduced by the NSW Government which started on 1 July 2011. This scheme will continue to run for another 4 years until 30 June 2015. You will receive a one off payment of $7,000 to assist you with the cost of relocating from your metropolitan home to your regional home.
Stamp Duty Exemptions and Concessions for Seniors Buying a NEW Principle Place of Residence
There are 2 exemptions available for seniors who are selling their current home to buy and live in a new home that are valued up to $600,000 and vacant land (which is intended to be used for building a new home) valued up to $400,000. These exemptions are available under the NSW Home Builders Bonus Scheme.
- Senior’s Principle Place of Residence Exemption - If you are aged 65 years or older (or 55 years or older if the purchase is made after 1 July 2011) and purchase a new completed home or an off the plan building where constructions has already commenced then you will receive an exemption from paying any stamp duty on the purchase if that home is to be your principle place of residence. To qualify you must have owned and occupied a home in the previous 12 months and in relation to the property you are buying, you must move into the property within 12 months of buying the home and live in it for at least 12 months.
- Exemption under the New Housing Concession – Regardless of age, if the new home you are purchasing is off the plan and construction has not yet started, or you are purchasing vacant land on which to build your home, so long as the property is valued under $600,000 (or $400,000 if vacant land on which you will build) you will receive an exemption from paying stamp duty.
If you think that you qualify for any of these exemptions, please contact us to ensure that meet all the other detailed criteria including, but not limited to, residency requirements.