Conveyancing Tips – Introducing the New Housing Concession
From 1 July 2010, the NSW Government introduced the NSW Home Builders Bonus in the form of New Housing Concession, a range of exemptions and concessions for new homes, homes off-the-plan, and vacant land for new homes. The NSW Home Builders Bonus and New Housing Concession also provides exemptions for eligible seniors (aged 65 years and over) purchasing a new home as their principal place of residence.
How much can I save?
For home buyers who do not qualify for the Seniors Principal Place of Residence Duty Exemption, the New Housing Concession will apply in the following scenarios:
- If you buy vacant land for not more than $400,000 to build a new home, you could save up to $13,490 in stamp duty.
- If you buy a new home as part of an off-the-plan purchase for not more than $600,000 and construction has not started, you could save up to $22,490 in stamp duty.
- If you buy an already built new home or a home as part of an off-the-plan purchase for not more than $600,000 and construction has started or is already complete, you could be entitled to a 25% concession in stamp duty and save up to $5,622.50.
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