NSW Home Builders Bonus
Author:
Nicole Rockliff
Publish Date: June 10, 2010
The NSW State Government introduced the NSW Home Builders Bonus (HBB) on 8th June 2010. The HBB provides exemptions and concessions for certain purchases of new homes, homes off the plan and vacant land on which a new home will be built.
HBB also provides a specific exemption for eligible seniors purchasing a new home as a place of residence (Seniors Principal Place of Residence Duty Exemption).
To be eligible for HBB the value of vacant land must not exceed $400,000 and new homes must not exceed $600,000.
The Seniors Principal Place of Residence Duty Exemption provides a full exemption for eligible seniors purchasing a new home that is to be occupied as their principal place of residence. Applicants must be 55 years and over and selling their current residence.
We suggest that you contact Rockliffs Solicitors to find out the eligibility requirements for such exemptions/concessions.
For further information or assistance please contact Rockliffs on 02 9299 4912 or email us at lawyers@rockliffs.com.au