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Chambers Fleming Padstow

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Want to Know More About The First Home-New Home Exemptions and Concessions?

5 Jun 2012 Padstow 0 Comment

For all of our first home buyers in Padstow, Padstow Heights, Revesby, Revesby Heights, Panania, Milperra, East Hills and Picnic Point, we thought it would be useful to explain some of the details of the NSW Government’s First Home-New Home Scheme.

The First Home-New Home Scheme provides exemptions and concessions on transfer duty taxes for eligible buyers. Eligible buyers include people who are purchasing vacant land on which they intend to build their first home, and some new homes.

Purchasing vacant land to build your first home on? The First Home-New Home Scheme provides exemption from paying duty on vacant land valued up to $300,000 or concessions on duty for vacant land valued between $300,000 and $450,000.

If you’re buying a pre-built new home, the First Home-New Home Scheme provides exemptions on transfer duty on new homes valued up to $500,000 and concessions on transfer duty for new homes valued between $500,000 and $600,000.

It is important to note that First Home-New Home Scheme doesn’t apply to the purchase of an existing dwelling other than brand new homes, however the First Home Owners Grant Scheme (FHOGS) is still available to first home buyers of existing residential homes.

Getting back to the First Home-New Home Scheme, here are some of the criteria for first home-new home buyers:

An ‘eligible purchaser’ is a natural person (i.e. not a company or trust), at least 18 years of age who has not, and whose spouse/de facto has not:

Note: If all purchasers are not ‘eligible purchasers’ you may still qualify for a partial concession if the first home buyers are purchasing at least 50% of the property. This information was sourced from the First Home-New Home Scheme page of the NSW Government website, where you can also find links and further information.

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