Changes to First Home Owner
Author:
Nicole Rockliff
Publish Date: February 4, 2010
CHANGES TO FIRST HOME OWNER¿S GRANTS SCHEME AND EXTENSION OF NSW HOUSING CONSTRUCTION ACCELERATION PLAN From Friday 1 January 2010 eligibility for the existing First Home Owner¿s Grant Scheme benefit (FHOGS) of $7,000 will be as follows:- ¿ NSW - Purchase property value capped at $750,000.00 ¿ WA ¿ Purchase property value capped at $750,000.00 for postcodes south of the 26th parallel and $1,000,000.00 for the postcodes north of the 26th parallel. ¿ VIC - Purchase property value capped at $750,000.00 (a farm purchased as a principal residence is excluded from the cap). ¿ QLD ¿ Purchase property value capped at $1,000,000.00. ¿ NT- Purchase property value capped at $750,000.00 (first home owner transfer stamp duty concession eligibility will also be capped at $750,000 for established dwellings and $385,000 for vacant land). ¿ SA/TAS/ACT ¿ No purchase property value cap applies. The New South Wales Housing Construction Acceleration Plan (HCAP) due to expire on 31 December, 2009 has been extended until 30 June, 2010. The concession is only available for customers entering into a contract for the purchase of a new home between Wednesday 1 July, 2009 and Wednesday, 30 June, 2010. The concession reduces the transfer stamp duty payable by 50% for transactions up to $600,000 for both new owner/occupier and investment properties. The concession is not limited to one transaction. NOTE ¿ first home owners cannot claim the concession. A ¿new home¿ is classified as one that has not previously been occupied or sold as a place of residence. The home must be complete and ready for occupation unless it is an off the plan purchase. Essentially, if you are buying a new property for home or investment under $600,000, you can receive 50% off the stamp duty.
For further information or assistance please contact Rockliffs on 02 9299 4912 or email us at lawyers@rockliffs.com.au