Good News For First Home Buyers!
From 1 July 2017 a new scheme called the ‘First Home Buyers Assistance Scheme’ will be available in NSW that will exempt a first home buyer from transfer 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. For a property worth $650,000 this is a saving of $24,700.00. If purchasing a vacant block of residential land to build a home on no duty will be payable on land valued up to $350,000, and will receive concessions
on duty for vacant land valued between $350,000 and $450,000.
To be eligible for First Home Buyers Assistance:
• The contract and the transfer must be for the purchase of the whole of the property;
• The contracts need to be exchanged after 1 July 2017;
• All purchasers must be a natural person (i.e. not a company or trust) be at least 18 years of age and have not, and if partnered whose spouse/de facto has not:
• At any time owned residential property in Australia; or
• Previously received an exemption or concession under a prior First Home buyer’s scheme.
• You will also need to occupy the home as your principal place of residence for a continuous period of 6 months, moving in within 12 months of purchasing the property.
If you are an eligible first home buyer this is a substantial saving. Peacockes Solicitors can assist eligible purchasers access this benefit as part of the process of exchanging and settling contracts for sale of homes.
If you have any questions or queries call Geoff Yeo at Peacockes Solicitors.