Are you aware of the changes to the First Home Owners Grant?
The First Home Owner Grant (FHOG) Scheme was introduced on 1 July 2000 and provides a $7,000 grant to first home buyers to purchase their first home. From 1 October 2012, the $7 000 First Home Owner Grant will be replaced by the $15 000 First Home Owner Grant (New Homes) Scheme.
First home owners who purchase or build a NEW HOME where the eligible transaction commencement date (contract date) is on or after 1 October 2012 will be eligible for the $15 000 grant. The grant will reduce to $10,000 on 1 January 2014 for eligible transactions which have a commencement date (contract date) on or after 1 January 2014.
The $7 000 first home owner grant for established properties ends on 30 September 2012 and will NOT be available where the eligible transaction commencement date (contract date) is on or after 1 October 2012.
First Home Owner Grant cap
The current cap of $835,000 applies where the eligible transaction commencement date falls on or after 1 January 2011 and on or before 30 September 2012.
On 1 October 2012, the cap reduces to $650 000. The $650 000 cap will apply to all new home transactions where the commencement date of the eligible transaction is on or after 1 October 2012. Applicants who purchase a new home or build a home which has a total value of more than $650 000 will not be eligible for the First Home Owner Grant (New Homes) Scheme.
Here at The Quinn Group our experienced team of lawyers and conveyancers can assist you with any questions you have regarding the NSW New Home Grant Scheme. For more information on this, or any other conveyancing or legal issues, please submit an online enquiry or call us on 1300 QUINNS to book an appointment