First home buyers are entitled to a number of benefits and concessions, depending on their individual circumstances. Laing Real Estate will help you check what you can claim to make your purchase easier on your pocket.
First Home Owner Grant changes
From 1 October 2012, the $7 000 First Home Owner Grant was replaced by the $15 000 First Home Owner Grant (New Homes) Scheme.
First home owners who purchase or build a new home where the eligible transaction commencement date (contract date) is on or after 1 October 2012 will be eligible for the $15 000 grant. The grant will reduce to $10,000 on 1 January 2014 for eligible transactions which have a commencement date (contract date) on or after 1 January 2014.
The $7 000 first home owner grant for established properties ended on 30 September 2012 and will not be available where the eligible transaction commencement date (contract date) was on or after 1 October 2012.
First Home Owner Grant cap
The current cap of $835 000 applies where the eligible transaction commencement date falls on or after 1 January 2011 and on or before 30 September 2012.
On 1 October 2012, the cap reduced to $650 000. The $650 000 cap applies to all new home transactions where the commencement date of the eligible transaction was on or after 1 October 2012. Applicants who purchase a new home or build a home which has a total value of more than $650 000 will not be eligible for the First Home Owner Grant (New Homes) Scheme.
For more information click here to view video link from the office of state revenue or visit their website: http://www.osr.nsw.gov.au/benefits/first_home/