Attention Eligible First Home Buyers!!
Did you know that by purchasing a house and land package at Edgewater Shores you could be eligible for the following First Home Benefits?
Complete exemption from Stamp duty under the First Home Buyers Assistance Scheme;
$10,000 First Home Owner Grant (New Homes)
Eligibility for the above schemes is determined by the NSW Government’s Office of State Revenue (Revenue NSW). The First Home Buyers Assistance Scheme is essentially only for purchasers who have never owned (either solely or with someone else) a residential property in Australia. However First Home Buyers could still be eligible for the $10,000 grant even though they have previously owned residential property (provided they never occupied it for a continuous period of at least 6 months). You will need to review the full eligibility criteria from the Revenue NSW website, but essentially it looks like this:
First Home Buyers Assistance Scheme
The First Home Buyers Assistance scheme began on 1 July 2017 and provides eligible purchasers with exemptions on transfer duty on new homes valued up to $650,000 and concessions on duty for new homes valued between $650,000 and $800,000.
Eligible purchasers buying a vacant block of residential land to build their home on will pay no duty on vacant land valued up to $350,000, and will receive concessions on duty for vacant land valued between $350,000 and $450,000. This essentially means that the majority of blocks sold at Edgewater Shores to first home owners will be covered by the First Home Buyers Assistance Scheme.
Find out more about First Home Buyers Assistance Scheme.
First Home Owner Grant (New Home) Scheme
The First Home Owner Grant is to assist new home owners purchase a new home. From 1 July 2017, the First Home Owner Grant Cap for completed new home purchases is $600,000; for a property where you enter into a contract to build or are an owner builder the total value of the completed property (including land) cannot exceed $750,000.
Find out more about First Home Owner Grant (New Home) Scheme.
Consider the savings…
We have outlined a few scenarios below to assist understanding how the First Home Buyers and Firm Home Owners schemes can benefit you.
Scenario 1: Jason & Sue
Jason & Sue are eligible for the first home benefits and are buying their first home. They are deciding between the Castletown 34 House and Land Package or an already completed brand new single contract house and land package. Both properties are being marketed at around $731,100.
If they were to choose the Castletown Home from Edgewater Shores they would pay ZERO stamp duty and RECEIVE the $10,000 First Home owner grant. Compare this to the alternative single contract house and land they would pay Stamp duty of approximately $17,021 and NOT be eligible for the $10,000 grant.
In this scenario Jason & Sue would effectively save $27,021!!!
Scenario 2: Kyle
Kyle is eligible for the first home benefits and is buying his first home. He is deciding between the Almeria Two House and Land Package or an already completed (not brand new) home. Both properties are being marketed at around $563,000. If Kyle were to choose the Edgewater shores home he would pay ZERO stamp duty and receive the $10,000 First Home owner grant. Compare this to purchasing the existing home where he would still pay ZERO stamp duty, but would NOT be eligible for the $10,000 grant.
In this scenario Kyle would save $10,000 by purchasing the brand new Edgewater Shores home.
For further information on firs home buyer grants visit the NSW Office of State Revenue at: https://www.revenue.nsw.gov.au/grants