A. New Home Grant Scheme This scheme provides a one-off grant and applies to buyers of new homes, who are not first home buyers. As from 1st July 2012 a new $5,000 grant will be provided; (a) to buyers of new homes (whether off the plan or newly built) with a purchase price of up to $650 000 and (b) to buyers of vacant land that is intended to be the site of a new home with a purchase price of up to $450 000 There is no minimum purchase price for entitlement to the grant. The grant is targeted at all non-first home buyers and is available to investors as well as owner occupiers. The grant will be administered through the transfer stamp duty payment process. The purchaser can be any entity, including natural persons, a company, or trustee of a trust. You can either reduce the duty payable by $5000 on your agreement or transfer or pay the full duty and receive a payment of $5000. This will be paid after completion of your purchase. There is no requirement for the purchaser to live in the home. A new home is a home that has not been previously occupied or sold as a place of residence, and includes a home that is a substantially renovated home. For vacant land, the laying of foundations for the home must commence within 26 weeks of completion (settlement) of the purchase, or within any longer period allowed by the Chief Commissioner. There is no time limit on how long it takes to complete building the home. If you are eligible for a stamp duty exemption/concession under the First Home – New Home Scheme, you cannot receive the $5000 New Home Grant. If you are eligible for a First Home Owner Grant, you cannot receive the $5000 New Home Grant for the same property. An application for the grant may be made more than once provided the requirements are met in each case. Each contract for the purchase of a new home will be eligible for the $5000 New Home Grant.
Posted on: Wed, 12 Jun 2013 00:53:47 +0000
Trending Topics
Recently Viewed Topics
© 2015