First Home Buyer – Building a New Home – Renovating?
Both the NSW and Federal Governments have adopted a number of Grant Schemes to:-
- Assist First Home Buyers to enter the property market whether buying an existing property or building a new home
- Assist people building a new home – you do not need to be a First Home Buyer; and
- Assist people renovating their existing homes.
First Home Buyers – The First Home Buyers Assistance Scheme provides a stamp duty exemption for homes up to $650,000.00 and concessions for homes up to $800,000.00. This could save more than $24,000.00!
A First Home Buyer can also purchase vacant land and receive a stamp duty exemption for land up to $350,000.00 and concessions for land up to $450,00.00
In order to receive the stamp duty exemption you must not have previously owned a property, for example, of your partner previously owned a property you might still receive a 50% reduction in stamp duty.
If you are a First Home Buyer buying land (or own land) and are building a new home then in addition to the stamp duty exemption/concession you are entitled to a First Home Owner Grant of $10,000.00 from the NSW Government providing the total purchase price of the land and new home does not exceed $750,000.00.
Of course there are other eligibility requirements such as being Australian Citizens, are over the age of 18 years, must not have previously owned property and you must use the house as your principal place of residence.
Need to know more regarding what is availabe to you as a First Home Buyer ?Call (02) 4388 4410 or email us at rozdavis@absolutelegal.com.au
Home Builder – Homebuilder provides eligible owner/occupiers; including First Home Buyers with a grant of $25,000.00 to build a new home or substantially rennovate an existing home providing the contract is signed between 4/6/2020 and 31/12/2020. There are income limits such as $200,00.00 per annum for a couple.
Some of the eligibility requirements to qualify for the $25,000.00 grant are:
- If you are building a new home the value of the property (land and house) must not exceed $750,000.00 and it must be your principal place of residence.
- If you are renovating your principal place of residenc, the renovation contract must be between $150,000.00 to $750,000.00. The value of your existing property must not exceed $1.5 million.
Need to know more regarding the Homebuilder Grant? Call (02) 4388 4410 or email us at rozdavis@absolutelegal.com.au for free advice regarding this Grant.