I have many clients who ask me about the New Home Grant Scheme with government incentives for non-first homebuyers. Non first home buyers are someone who owns property or has owned property before. It pays to buy vacant land, new homes or off the plan … it pays $5,000! That’s right, for the purchase of vacant land, brand new home or off the plan, the government will give you $5,000 toward the payment of stamp duty as part of the new home grant scheme.
Here’s the ‘catch’ (you knew this was coming):
- The value of the new home can’t be more than $650,000
- The value of the vacant land can’t be more than $450,000
- Purchasers must be Australian citizens, Australian residents or an Australian-owned bodies
- Each purchaser is limited to one grant per financial year
- For vacant land, construction of the home must begin within 26 weeks of the completion of the purchase
- The grant is not available for the purchase of an existing home to knock down and build and a new home on the land
- Doesn’t apply for vacant land or brand new homes intended to be used for commercial or industrial use
Provided you comply with all of these requirements, you’re eligible! What are you eligible for? It’s called the New Home Grant Scheme and it’s a $5,000 contribution toward your stamp duty. Sounds good to me, I mean stamp duty never looked so good for non-first homebuyers, so what are you waiting for? If you would like to apply for this $5,000 amount our Conveyancing department can help you apply.
*This information is current as at January 2015.