First Home Buyer Assistance Scheme. Are You Eligible?
The new scheme from 01, August 2020 until 31, July 2021 will enable those buying a home for the first time to be exempt from paying transfer duty. This applies to:
- New homes up to $800,000.00
- Existing homes up to $650,000.00
- Land valued up to $400,000.00
Buyers can also apply for a concessional transfer rate (variable).
So, what is a new home?
Our friends at the NSW Revenue tell us that a new home is defined as:
- A home not occupied before
- A home not previously sold as a residence
- A substantially renovated home
- A replacement home (i.e. built to replace a demolished premises).
Eligibility for the Scheme.
For buyers to qualify and be eligible for the scheme, the following must apply:
- to be eligible for the increased transfer (stamp) duty threshold, the contract must be dated on or after 1 August 2020 and on or before 31 July 2021
- the buyer must be individual, not a company or trust
- the buyer must be over 18
- a first home buyer is just that; you, and your spouse/partner should never have owned or co-owned residential property in Australia before
- you, and your spouse/partner must never have received an exemption or concession under this scheme
- at least one of the buyers must be an Australian citizen or permanent resident.
Do You Have to Live in The Property?
Yes, you do. You, or one of the other first home buyers, must occupy the property within 12 months after buying the property and reside there for at least six continuous months (exemptions available for members of the Australian Defence Force).
Want to Know More About Your Options? Looking to Buy Your First home?
Harbourside Legal Services Group – Expert Legal Services
Contact Today. 02 9955 6692 | lee@hslegal.com.au | www.hslegal-commercial.com.au
