Are you a first home buyer buying with a non-first home buyer, but still want to claim the benefits of the First Home Buyers Assistance Scheme?
Good news, you may still be eligible to claim the benefits of the First Home Buyers Assistance Scheme.
Revenue NSW has some great incentives for first home buyers when purchasing their first home, however not every first home buyer can afford to purchase on their own.
If you are looking to purchase as a first home buyer to receive the First Home Buyers Assistance Scheme benefits, however, cannot afford to do this on your own, you may be still eligible to claim the benefits by doing a Shared Equity Arrangement.
A Shared Equity Arrangement allows you to purchase your first home with a non-first home buyer and still claim the benefits of an exemption or concession of stamp duty.
Here is how it works;
A first home buyer is able to purchase either a new home or vacant land with a non-first home buyer, who is not either their spouse or partner, in order to claim the first home buyers benefits.
The first home buyer must own at least 50% of the property in order to be eligible for the first home buyer benefits.
The first home buyer will receive either an exemption or concession of stamp duty, depending on the purchase price, on their share of the property.
The non-first home buyer will not receive the same benefits on their share of the property, they will be required to make payment of stamp duty based on the purchase price of the share they own of the property.
Here is a recap:
In order to be eligible to claim the benefits of the First Home Buyers Assistance Scheme under a Shared Equity Arrangement:
- You must have not owned property previously;
- You must be purchasing either a new home or vacant land;
- You must purchase with a non-first home buyer, who is either not your spouse or partner;
- You must own at least 50% of the property.
Please note that a Shared Equity Arrangement cannot be used when Transferring names on the title. You must be acquiring property in order to apply for a Shared Equity Arrangement, you will not be eligible should you be transferring names on the title.
For more information, please feel free to contact me to discuss your situation further.
ABOUT CHRISTINE JOHNSEN:
Christine is a licensed conveyancer and Justice of the Peace at Coutts’ Narellan office. She is highly efficient and is able to assist clients with matters concerning; the sale and purchase of residential and commercial property, retirement village contracts, put & call options and family transfers.
For further information please don’t hesitate to contact:
Contact Coutts today.
This blog is merely general and non specific information on the subject matter and is not and should not be considered or relied on as legal advice. Coutts is not responsible for any cost, expense, loss or liability whatsoever in relation to this blog, including all or any reliance on this blog or use or application of this blog by you.