NEW FIRST HOME BUYER GRANTS NOW AVAILABLE IN NSWWednesday, 3 October, 2012
If you’re a first home buyer, buying at Googong makes a lot of sense. Starting this week, the first home buyer incentives announced in the NSW state budget come into effect: a $15,000 First Home Owner Grant plus Stamp Duty exemption for eligible purchasers*.
The following example shows you just how much you can save simply by building in New South Wales compared to the ACT. Stamp duty incentives for first home buyers in the ACT are means tested and rather complex, so to make a clear comparison between NSW and ACT we have to take a specific example. We have prepared the following analysis based on a $255,000 lot with a combined household income equal to or less than $150,000.
New South Wales
First home buyers pay no stamp duty on land up to $350,000. All lots currently for sale at Googong fall well below this threshold. In addition, first home buyers in NSW will qualify for a $15,000 First Home Owners Grant to build a new home.
- $7,500 stamp duty saving + $15,000 build grant = $22,500 saving.
Concessional stamp duty is available to home buyers but is subject to means testing of the combined family income. In the example we have chosen the stamp duty in the ACT would normally be $6,863 but with the concession it is $5,110. In addition, first home buyers in the ACT receive a $7,000 First Home Owners Grant.
- $1,753 stamp duty saving + $7,000 build grant = $8,783 saving.
As you can see, in this instance you would be $13,717 better off if you purchase land in NSW compared to the ACT.
Not a first home buyer?
The NSW Government offers a $5000 grant to anyone building a new home in New South Wales.
*Note: Although we are happy to draw these bonuses to your attention, we cannot guarantee that you will be eligible for any bonus schemes from the NSW Government, so you should make your own enquiries. For more information see:
- NSW Government http://www.osr.nsw.gov.au/legislation/budget/2012/
- ACT Government http://www.revenue.act.gov.au/home