The NSW Government are providing First Home Buyers wanting to buy within Gregory Hills possible Transfer Duty concessions on their new house or land purchases. If your house and land is valued under $650,000 you may be eligible for a full exemption on application. If you purchase land under $350,000 you will not have to pay transfer duty. If the value of your purchase is greater than either of the previously mentioned amounts, you may be entitled to a concessional rate.
For further information regarding Transfer Duty, feel free to visit the First Home Buyers Assistance Scheme page on the Revenue NSW website.
If you would like to obtain an estimation regarding the amount of assistance you may be entitled to, visit the First Home Buyers Assistance calculator, which is also located on the Revenue NSW website.
If it’s your first time buying a home and you’re looking to build or buy something new, then you may qualify for a $10,000 grant under the First Home Owner Grant (New Homes) scheme. In order to qualify for the grant, your new home must be no more than $600,000. If you are buying land to build your own home, the total cost of land and home must be no more than $750,000. Further information regarding purchasing or building a new home can be found on the Grants and Schemes page of the Revenue NSW website.
To get a better understanding of how these incentives can help you, here are some examples of how they work:
Transfer Duty
Is something that is paid usually within three months of signing a contract for sale of transfer. If you are purchasing a home under $650,000 that is not part of a shared equity purchase, and paid on time, you may find you can save approximately $24,740.00, if you are approved for a full exemption. If you are purchasing land valued at under $350,000, you will be completely exempt from Transfer Duty. Any value exceeding these amounts may still be eligible for a partial concession.
First Home Owners Grant
Say you’re looking at a new home within Gregory Hills, and you have found one in the location and for the price you are after, something under $600,000, you could possibly be entitled to a $10,000 grant. You could use this money to reduce your loan, or to help with the costs of processing the sale.
However, if you are looking to build your own home, and the land plus the cost of the build fall under $750,000, if you apply for the grant you may find that you are also entitled to the $10,000, provided you and your partner have never had a mortgage previously.
Check out our FAQ’s page, you might find your question there.