Stamp Duty
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The purchase of residential property in NSW attracts stamp duty. The good news is that as a First Home Owner you may be entitled to a stamp duty exemption or concession under the NSW Government’s First Home Plus Scheme and First Home Plus One Scheme.
The First Home Plus Scheme provides an exemption to the payment of stamp duty for eligible first home owners purchasing a property up to $500,000.00 ($300,000.00 for vacant land) and a concession on stamp duty for first home owners purchasing a property valued between $500,000.00 and $600,000.00 ($300,000.00 - $450,000.00 for vacant land). The First Home Plus Scheme will be removed from 1 January 2012 so First Home Owners will need to get in soon to take advantage of this exemption.
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The NSW government has also recently introduced a Home Builders Bonus which allows an exemption and/or concession on the payment of stamp duty for vacant land and newly constructed homes (including 'off the plan purchasers'). First Home Owners can elect to apply for the Home Builders Bonus or the First Home Plus Scheme and keira conveyancing will advise you on the most suitable option. Contact us now to find out more.
The eligibility requirements for the First Home Plus Scheme are similar to those of the First Home Owners Grant, although unlike the Grant, the First Home Plus Scheme also requires that purchasers and their spouse have never owned residential property in Australia (the Grant allows such provided that the property was not purchased prior to July 2000 and provided the property was not owner occupied).
The First Home Plus One Scheme allows for eligible purchasers to buy residential property with another purchaser who is not an eligible person and still receive a stamp duty concession.
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Do I Qualify?
To be eligible for the First Home Plus Exemption or Concession you must satisfy a number of requirements including:
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The Contract and the Transfer must be for the whole of the property.
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At least one applicant must be an Australian Citizen or permanent resident.
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Each applicant must be at least 18 years of age.
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One applicant will occupy the property as their principal place of residence for a continuous period of six months within 12 months of settlement of the purchase.
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Each applicant and their spouse must not have previously owned residential property in Australia before July 2000.
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Calculate your stamp duty liabilty or saving below:
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