26/06/2023
The First Home Buyer Assistance Scheme which currently has a limit for benefits at $800,000 is being increased to $1,000,000. This provides buyers with a complete exemption from payment of duty for property costing up to $800,000 and a concession on the duty payable for properties between $800,000 and $1,000,000.
For vacant land the threshold if exemption up to $350,000 and concession between $350,000 and $450,000
The First Home Choice Scheme where you could elect to pay an annual land tax, which was introduced only recently by the previous government, has been scrapped.
A buyer is not eligible if they cancel a contract dated before 1 July to re-enter the contract to buy the same property. The new legislation specifically mentions replacement contracts for the same property.
The other big change is that buyers will have a requirement to reside at the property for 12 months rather than 6 months as their own residence. This needs to commence within the first 12 months. There are exemptions for Defence Personnel.
Some good further information about qualifying can be found at:
https://www.revenue.nsw.gov.au/grants-schemes/first-home-buyer/assistance-scheme
Or feel free to give me a call!
http://wix.to/425SLHS