Since 1 May2007, First Home Buyers have enjoyed concessions and exemptions from Stamp Duty under the ‘First Home Plus’ and ‘First Home Plus One’ schemes’.
However, the NSW State Government has just announced that these schemes will close on 1st January 2012. The schemes are to be replaced by ‘First Home – New Home Scheme’. From 1st January 2012, First Home Buyers will only receive a concession or exemption from Stamp Duty if they purchase a new home or vacant land that is to be used to construct a new home within 26 weeks of the Contract date. In other words, first home buyers will no longer be able to claim a concession or exemption from Stamp Duty for the purchase of their first home that is not new.
Therefore, if you are thinking of purchasing your first home, it is important that you do
this before 1st January 2012, in order to claim a concession or exemption from Stamp Duty under the ‘First Home Plus’ and ‘First Home Plus One schemes’. On a $400,000.00 home, you could on average save $13,510.00 on stamp duty and associated fees.
There may however be other concessions and exemptions from Stamp Duty that you could be eligible for. These include the existing ‘First Home Owners Grant’, NSW Home Builders
Bonus and the ‘Relocation Grant’.
Nick Johnson specialises in Conveyancing and related matters and can assist you if you are buying or selling your home. Feel free to phone Nick on 6333 4400, or call into our office at Level 1, Suite 4, 90 Keppel Street Bathurst for an appointment.