24 Sep 2010
Are you a first home buyer confused as to what benefits, if any, you are entitled to when you buy your first home?
Here are some of the current ones that first home buyers should be aware of:
First Home Owner Grant – First home owners with a property purchased for less than $750,000 are eligible for a grant payment of $7000.
First Home Plus Scheme (FHP) – First home owners are eligible for an exemption on transfer duty on homes valued up to $500,000 or a concession on duty for homes valued between $500,000 and $600,000.
First home purchasers should also be made aware of the NSW Home Builders Bonus. This scheme provides transfer duty exemptions and concessions for eligible new home purchases, off the plan purchases and vacant land purchases.
The NSW Home Builders Bonus can not be used in conjunction with the FHP, so before making a decision on which benefit to claim it is a good idea to consider which scheme is best for your circumstances.
You can take a look at a comparison chart here
, or if you would like some assistance then please get in touch.