ARTICLE · 28 SEPTEMBER 2011

Benefits to first home buyers purchasing a newly constructed home

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With a focus on boosting new housing construction, the NSW Government recently released its Budget.

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With a focus on boosting new housing construction, the NSW Government recently released its Budget for 2011-2012.

From 1 January 2012, First Home Plus exemptions and concessions will be replaced by the First Home - New Home Scheme.

Currently, eligible purchasers will pay no stamp duty on any homes valued up to $500,000 and there are concessions on duty for homes valued between $500,000 and $600,000.

Under the new scheme, eligible first homebuyers will continue to receive the $7,000 first home owner's grant. However, now there will only be a stamp duty exemption for agreements for sale or transfers entered into or after 1 January 2012 where the acquisition is of a newly constructed home, including 'off the plan'.

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