Firstly, from 1 July 2012, the New Home Grant of $5,000 will be provided to buyers of new homes, whether off the plan or newly built, up to the value of $650,000. The same grant will be available to buyers of vacant land up to the value of $450,000 upon which a new home is to be built. This incentive is open to non-first home buyers and investors alike.
A new home is a home that has not been previously occupied or sold as a place of residence, and includes a home that is a substantially renovated home.
Secondly, from 1 October 2012 a newly named First Home Owner Grant (New Home) Scheme will be introduced for first home buyers who purchase or build a new home. It will replace the current $7,000 First Home Owner Grant from 1 October 2012. The grant of $15,000 applies to contracts signed on or after 1 October 2012 to 31 December 2013. The grant will then be reduced to $10,000 as and from 1 January 2014. The new scheme will apply to first home buyers who purchase or build a new home valued up to $650,000.
Thirdly, from 1 July 2012 the First Home—New Home scheme provides eligible purchasers with exemptions on stamp duty for new homes valued up to $550,000 and concessions on stamp duty for new homes valued between $550,000 and $650,000. The same exemption will be available to buyers of vacant land up to the value of $350,000 and concessions on duty will be available for purchasers of vacant land valued between $350,000 and $450,000 who intend to build a new home on the site.
Importantly First Home—New Home exemptions or concessions do not apply to the purchase of an existing dwelling.
Also, if you are eligible for a stamp duty exemption/concession under the First Home – New Home Scheme, you cannot receive the $5,000 New Home Grant.
Furthermore, if you are eligible for a First Home Owner Grant, you cannot receive the $5,000 New Home Grant for the same property.
If you are considering buying a new home or vacant land to build your new home on, our experienced property team can help answer all of your questions, because Helping You is Our Business.
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