The Federal Government initiated several incentives for First Home Buyers to improve construction activity in the new home market. With recent changes to Grant amounts, there are still quite a few healthy Grants on offer. Below is a quick summary for NSW property purchases:
Grant Offer 1) First Home Buyer purchasing an established home to live in:
v $7,000 First Home Owner Grant until 30/6/2010
v $3,500 Commonwealth Boost available until 31/12/2009
v First Home Plus Stamp Duty Exemption up to $500,000 (up to $17,990), and sliding scale to $600,000 up to 30/6/2010
Example 1: Total Benefit if you exchange on a $500,000 property by 31/12/09 = $28,490
Example 2: Total Benefit if you exchange on a $500,000 property by 30/06/10 = $24,990
Grant Offer 2) First Home Buyer purchasing a new home to live in:
v $7,000 First Home Owner Grant until 30/6/2010
v $7,000 Commonwealth Boost available until 31/12/2009
v $3,000 NSW Supplement until 30/6/2010
v First Home Plus Stamp Duty Exemption up to $500,000, and scaled to $600,000 up to 30/6/2010
Example 1: Total Benefit if you exchange on a new $500,000 property by 31/12/09 = $34,990
Example 2: Total Benefit if you exchange on a new $500,000 property by 30/06/10 = $31,990
Grant Offer 3) Any Home Buyer or Investor….. up to 31/12/09 50% discount on Stamp Duty for a new home/unit.
v The NSW Housing Construction Acceleration Plan (HCAP) halves your Stamp Duty on a purchase of a new home up to $600,000. It is available to anyone who doesn’t qualify for the First Home Buyer grant, and it is unlimited so you can buy 50 new homes and pay half the stamp duty on all of them.
Example 1: Total Benefit if you exchange on a new $500,000 property by 31/12/09 = $8,995
Things to look out for: There are conditions to receiving the grant, deadlines to meet, and all states have different amounts on offer.
Need more info? : If you are thinking of buying property in the next six months, Call Plan Assist’s Loan Advisor Team on 02 9449 2333 to learn how you can receive these Grants.