CONVEYANCING BASICS – AM I ELIGIBLE FOR ANY GRANTS?
The NSW Government have several grants available to purchasers in New South Wales. We can let you know if you might be eligible to receive any of these grants.
WHAT GRANTS ARE AVAILABLE?
FIRST HOME BUYERS
If it is a first home purchase of a newly constructed home, or the purchase of a vacant block of residential land on which you intend to build your home, please advise us so that we can determine whether you may be eligible for exemption or a reduction in stamp duty, under the First Home – New Home scheme.
Eligible purchasers will receive a stamp duty exemption on new homes valued up to $550,000 and concessions for homes valued between $550,000 and $650,000. Eligible purchasers buying a vacant block of residential land will pay no stamp duty on land valued up to $350,000 and concessions for land valued between $350,000 and $450,000.
Among other eligibility conditions you must be a natural person (not a company) and at least 1 eligible purchaser must occupy the home for a continuous period of 6 months, commencing within 12 months from completion of the agreement.
We will also provide you with advice as to your eligibility for the $10,000 grant under the First Home Owner Grant (New Homes) Scheme.
A $5,000 grant may be available to buyers of new homes, whether off the plan or newly built, with a value up to $650,000 and to buyers of vacant land that is intended to be the site of a new home valued up to $450,000. This is known as the New Home Grant scheme.
Among other eligibility conditions, you must commence construction within 26 weeks of completion of the purchase. Unlike the First Home – New Home scheme, a company or a trustee of a trust can be eligible for this grant.
If the prior owner of the land has already claimed the New Home Grant stamp duty concession, you will be ineligible to claim it. We can make these enquiries for you.
WHAT IF MY CIRCUMSTANCES CHANGE AFTER I’VE RECEIVED A GRANT?
Any change of circumstances should be reported to the Office of State Revenue promptly and we can assist you with this. Penalties apply if you do not notify the Office of State Revenue of a change in your circumstances. Not all cases will result in you having to pay back the grant.
Each of those grants have eligibility criteria. If you believe you are eligible for either of those grants please let us know and we can investigate it further.
Please note the answers provided are for your general information only and we ask that you call our office on 02 6362 5433 to obtain detailed legal advice for your individual situation.