grants

The New South Wales Government currently has a number of grants available for those looking to build or buy a home, or for metropolitan home owners looking to re-locate to a regional area. It is hard to keep up with what incentives are still available, so we are going to explain in simple terms what is available to ensure you receive the maximum savings possible when purchasing property.

Seniors – 55 Years or Over

The Seniors Principal Place of Residence Duty Exemption will apply where the agreement for sale is either a completed new home purchase or an off the plan purchase where construction has commenced. Purchasers must be aged 55 or over, or if a married couple or de facto partners are the purchasers, one of them must be aged 55 or older. This is valid until 30 June 2012.
For more information click here

First Home Owners Grant Scheme

The First Home Owner Grant Scheme (FHOGS) provides first home buyers with a $7000 grant to purchase their first home. Eligible first home owners can receive the grant regardless of their income or the area in which they are planning to buy or build. This applies to brand new homes or established homes up to the value of $835,000.
For more information click here

New Home Builders Bonus

Those purchasing vacant land or off the plan purchases where building has NOT commenced will be exempted from paying stamp duty. A partial concession of 25 per cent of duty payable applies to completed new homes or off the plan purchases where construction HAS commenced. The value of the land must not exceed $400,000 and new homes must home exceed $600,000.
For vacant land, construction must commence with the laying of the foundations within 26 weeks of the agreement for sale or transfer is entered into, (or within any longer period allowed by the Chief Commissioner) and the building work must be completed within 18 months after the laying of the foundations begins (or within a longer period allowed by the Chief Commissioner). This exemption is only on offer until June 30 2012.
For more information click here

For more information and eligibility requirements for the above incentives and schemes click the above links or visit
www.osr.nsw.gov.au