First Home Buyer NSW Update

First Home Buyer Assistance Scheme – NSW & Sydney Conveyancing. 

NSW Conveyancing

First home buyers may finally see relief with the commencement of the First Home Buyer Assistance scheme from 1 July 2017.

http://www.osr.nsw.gov.au/grants/fhba

The First Home Buyer Assistance scheme provides eligible purchasers with exemptions on stamp duty on new and existing homes valued up to $650,000 and concessions on duty for new and existing homes valued between $650,000 and $800,000.

Eligible purchasers buying a vacant block of residential land to build their home on will pay no duty on vacant land valued up to $350,000, and will receive concessions on duty for vacant land valued between $350,000 and $450,000.

To qualify for First Home Buyers Assistance, you must meet the criteria listed below:

• The contract and the transfer must be for the purchase of the whole of the property;
• All purchasers must be ‘eligible purchasers’;
• An ‘eligible purchaser’ is a natural person (i.e. not a company or trust) at least 18 years of age who has not, and whose spouse/de facto has not:
  • at any time owned (either solely or with someone else) residential property in Australia other than property owned solely as trustee or executor; and
  • previously received an exemption or concession under First Home—New Home.
• At least 1 eligible purchaser must occupy the home as their principal place of residence for a continuous period of 6 months, commencing within 12 months of completion/settlement of the agreement. (Where an eligible purchaser was a member of the permanent forces of the Australian Defence Force and all purchasers were enrolled on the NSW electoral roll, as at the transaction date, then all purchasers are exempt from the residence requirement).

Residence requirement

• The home must be occupied by at least one of the eligible purchasers as his or her principal place of residence for a continuous period of at least 6 months, with that occupation starting within 12 months after completion/settlement of the agreement or transfer. Where at least one eligible purchaser was a member of the permanent forces of the Australian Defence Force and all eligible purchasers were enrolled on the NSW electoral roll as at the date of the agreement or transfer, the residence requirement does not apply;

• In the case of vacant land, the Chief Commissioner must be satisfied the vacant block of land is intended to be used as the site of a home to be occupied as the principal place of residence of one of the eligible purchasers.

In addition, the $10,000 First Home Owner Grant (New Homes) may be available where the eligible transaction commencement date is on or after 1 July 2017 and the eligible transaction is for the purchase or construction of a new home.

Interested in Sydney conveyancing or have a question? Call West Legal & Associates (02) 9191-7319 and have a no-obligation chat with one of our solicitors.

West Legal & Associates