First Home Buyers Entitlements
Saturday, December 16, 2006
Thanks to the Government, first home buyers in NSW are entitled to two incentives for buying their first home:
1. First Home Owners Grant Scheme
If you are buying your first property which you will live in it for a minimum 6 month period (and move into within 12 months of purchase), you are entitled to a lump sum $7000 payment from the Government.
This money can be made available at settlement (which will reduce your other costs by $7000) or you can claim it after settlement from the Office of State Revenue. A good Mortgage Broker can help you do this
2. First Home Plus Scheme
In addition to the $7000, if you are moving into the property (same conditions as above), you will also have the Stamp duty and Mortgage duty waived for any residential property purchase up to $500 000. For properties over $500 000, here are the discounts:
Property Price---Stamp Duty-----Saving
$500,000.00 ----- $0.00 ------------ $17,990.00
$510,000.00 ----- $4,498.00 -------- $16,191.00
$520,000.00 ----- $6,747.00 -------- $14,392.00
$530,000.00 ----- $6,747.00 -------- $12,593.00
$540,000.00 ----- $8,996.00 -------- $10,794.00
$550,000.00 ----- $11,245.00 ------- $8,995.00
$560,000.00 ----- $13,494.00 ------- $7,196.00
$570,000.00 ----- $15,743.00 ------- $5,397.00
$580,000.00 ----- $17,992.00 ------- $3,598.00
$590,000.00 ----- $20,241.00 ------- $1,799.00
$600,000.00 ----- $22,490.00 ------- $0.00
(excuse the lines, couldn't work out how to paste an excel table!)
If you are buying vacant land the exemption is for land up to $300 000, then there are discounts between $300 000 and $450 000
For more info go to http://www.osr.nsw.gov.au/pls/portal/docs/
page/downloads/other/fhb_factsheet.pdf
How to Apply
First Home Owners Grant Scheme
The easiest way is to make the application with the broker or lender that is organising your finance. This means the money will be made available at settlement. The broker/lender should have a form for you to fill out otherwise you can get it at http://www.osr.nsw.gov.au/portal/page?_pageid=33,63384&_dad=portal&_schema=OSRPTLT
If you need to claim the grant after settlement, you can do so via the Office of State Revenue. Their number is 1300 130 624 or http://www.osr.nsw.gov.au
First Home Plus Scheme
The easiest way to organise this is through your solicitor, before settlement. When you first approach your solicitor or legal representative about your property purchase, advise them you are a first home buyer and you need to apply for the First Home Plus exemption.
posted by Daniel Serratore @ 4:13 pm,
0 Comments:
The Author
Daniel Serratore
Daniel is heading up the new generation of Finance Brokers in Sydney. With his fresh approach and "can do" attitude, Daniel has developed relationships with key people within the Sydney lending market which enables him to source great deals for his clients. Daniel is big on customer service and has built his business purely by referrals from clients and other businesses. You can catch him via the email link on the top of this page
About This Blog
This blog was developed as a resource for our clients and the general public. Although the internet will provide you with many lending providers, I am still to find a resource that shares ideas, tips and general useful info to assist borrowers make the right decisions. Hence this blog was born!
Contact Us
We have included a "Ask the Guru" link in the sidebar. If you have any lending question, regardless of how silly it may seem - send it to us and we will provide you with answers! Likewise, If you have any feedback on the blog, please let us know via the 'Contact Us' link on the bottom of this page.
