NSW State Budget 2012 – New Home Grant Scheme, The First Home Owner Grant (New Home) Scheme, The First Home—New Home scheme.

Hot off the press and hoping to add some clarity for those looking for information in relation to recent changes to stamp duty in NSW.

This includes the New Home Grant Scheme, First Home Owner Grant (New Home) Scheme and the First Home – New Home Scheme

As always please do your own research and rely on your own enquiries and I have used links to the relevant websites.

NEW HOME GRANT SCHEME – From July 1, 2012
This is a benefit relating to stamp duty. Essentially this replaces the NSW Builder Bonus Scheme that was due to expire at the end of June 30 (i.e. NO extension of the current scheme). The wording is currently a bit ambiguous as to whether it will be on ‘off the plan’ land – however as with last time they amended this to include it on off the plan land. From 1 July 2012 most purchasers of new homes in NSW valued up to $650,000 will be eligible for a $5000 New Home Grant. The Grant will also be available to purchasers of vacant land valued up to $450,000 on which a new home will be built.
Please click here for more information and to link straight through to the Office of State Revenue

FIRST HOME OWNER GRANT (NEW HOME) SCHEME – From October 2012
This benefit is a grant. The First Home Owner Grant (New Home) Scheme provides a grant of $15,000 to help eligible first home buyers to purchase or build a new home.
Unfortunately for many, the grant is only applicable to those signing into a building contract after October 1, 2012. Challenging to summarise the details and see link below
Please click here for more information and to link straight through to the Office of State Revenue

FIRST HOME NEW HOME – From July 2012
This is a benefit relating to stamp duty whereby the The First Home—New Home scheme provides exemptions or concessions on transfer duty for people who are buying their first home in NSW. This includes buying vacant land on which they intend to build their first home.The First Home—New Home scheme provides eligible purchasers with exemptions on transfer duty on new homes valued up to $500,000 ($550,000 from 1 July 2012) and concessions on transfer duty for new homes valued between $500,000 ($550,000 from 1 July 2012) and $600,000 ($650,000 from 1 July 2012). Eligible purchasers buying a vacant block of residential land to build their home on will pay no duty on vacant land valued up to $300,000 ($350,000 from 1 July 2012) and will receive a concession on duty for vacant land valued between $300,000 ($350,000 from 1 July 2012) and $450,000.
Please click here for more information and to link straight through to the Office of State Revenue

Posted in General New, Uncategorized on 12th June, 2012 | No Comments »

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