Most Read Contributor in Australia, September 2016
Arising from the NSW State budget 2012, several changes will be
made to the current first home buyer grant and duties exemption or
concession schemes as part of the State government's intention
to kick-start (again) the housing and construction sector.
In essence, the changes comprise of the following:
as of 1 October 2012, the First Home Owner Grant will no longer
be available for the purchase of existing homes and will only be
available for the purchase of new homes valued up to $650,000.
There will be a boost of the grant from $7,000 to $15,000 for
buyers of new homes until 31 December 2013. The grant will drop
back to $10,000 from 1 January 2014;
It is our understanding that a first home buyer entering into an
option for the purchase of a new home prior to 1 October 2012,
which is exercised on or after 1 October 2012, will be not be
entitled for the increased $15,000 grant;
the New Home Grant of $5,000 will be introduced on 1 July 2012
and available to non-first home buyers (including investors, owner
occupiers, purchaser entities) for the purchaser of new homes
valued up to $650,000, and vacant land valued up to $450,000;
the existing Home Builders Bonus Scheme which provides duty
exemptions or concessions for the purchase of newly completed
homes, off-the-plan homes, and vacant land will end as of 1 July
the existing First Home – New Home Scheme which
provides duties exemption or concession will continue to operate.
However, from 1 July 2012, the caps for duty exemption and
concessions will increase by $50,000. That is, for new residential
home, there will be duty exemption if it is valued up to $550,000
and duty concession if it is valued between $550,000 and $650,000.
Similarly, for vacant land, duty exemption is available if the land
is valued up to $350,000 and duty concession is available if it is
valued between $350,000 and $450,000.
The content of this article is intended to provide a general
guide to the subject matter. Specialist advice should be sought
about your specific circumstances.
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