The 12 key points to NSW's stamp duty entitlements from 2012
1. What is the nature of the scheme?
The scheme is intended to help people who are acquiring a new home that is their first home. It replaces the First Home Plus Scheme from January 1, 2012.
2. When does it apply?
It applies to eligible agreements for sale or transfers (where there is no agreement) entered into on or after 1 January 2012.
3. Who is eligible to apply?
An 'eligible purchaser' is a natural person (i.e. not a company or trust) at least 18 years of age who has not, and whose spouse/de facto has not:
4. What agreements or transfers are eligible?
The agreement or transfer must be for the acquisition of a first home which is a new home or a vacant block of residential land intended to be the site of a first home. This includes the acquisition of:
5. What is a substantially renovated home?
A substantially renovated home is a renovated home:
Under that legislation, 'substantial renovations' of a building are defined as renovations in which all, or substantially all, of a building is removed or replaced. The renovations may, but need not, involve the removal or replacement of foundations, external walls, interior supporting walls, floors, roof or staircases.
6. Does the normal residency requirement still apply?
Yes, it applies to the first home buyers. That is, at least one of them must occupy the home as their principal place of residence for a continuous period of six months commencing within 12 months from completion of the agreement.
7. Are there value limits?
8. For a vacant land purchase when must I commence building the home?
There is no time limit on how long it takes to commence or complete building the home. It is sufficient that the Chief Commissioner is satisfied that the vacant block is intended to be used as the site of a new home to be occupied by the first home owner or one of the first home owners.
9. Does this apply to agreements executed before 1 January 2012?
No, the First Home Plus concessions and exemptions continue to apply if:
10. Can applicants apply for the First Home Owner Grant even if they do not qualify for the First Home – New Home exemption or concession?
Yes, eligible applicants can apply for the grant.
11. Can I get the exemption or concession if I’m purchasing an existing home to knock down and build a new home on the land?
No, the agreement must be for the purchase of vacant land on which you are going to build a home.
12. Will mortgage duty be payable on any loan to finance the purchase?
No, mortgage duty is not chargeable on a mortgage that secures an advance that is made for owner occupied housing.Full details here.
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