Buying Property for the first time is a very exciting milestone for most people.
Here at Castro Legal, we want to ensure that buying your first property is a smooth and stress free transaction. We understand that the process of buying property is new to you so we endeavour to explain things in an easy to understand manner and make sure that you are informed of the process every step of the way.
As a first home buyer, you may also be eligible for current Government grants and Stamp Duty exemptions/concessions.
First Home Owner Grant- New Homes Scheme
First home owners can access a $10,000 grant for:
- building a new home under a home building contract where the contract price, when added with the land value, does not exceed $750,000
- a new home being built by an owner builder where the value of the land and building does not exceed $750,000 or
- purchasing a new home worth up to $600,000.
The contract must be dated on or after 1 July 2017.
Stamp Duty Exemptions/ Concessions
First Home Buyers Assistance scheme
From 1 July 2017, eligible first home buyers will not have to pay stamp duty for both new and existing homes for properties up to $650,000. The duty will be reduced for amounts 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.
To qualify for First Home Buyers Assistance, you must meet the criteria listed below:
- The contract and the transfer must be for the purchase of the whole of the property.
- All purchasers must be ‘eligible purchasers’.
- 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:
- at any time owned (either solely or with someone else) residential property in Australia other than property owned solely as trustee or executor
- previously received an exemption or concession under First Home—New Home.
- At least 1 eligible purchaser must occupy the home as their principal place of residence for a continuous period of 6 months, commencing within 12 months of completion of the agreement. (Where an eligible purchaser was a member of the permanent forces of the Australian Defence Force and all purchasers were enrolled on the NSW electoral roll, as at the transaction date, then all purchasers are exempt from the residence requirement).
We offer fixed fees for Contract reviews with a quick turn around time of 24 hours. We also provide same day urgent Contract reviews for an additional fee. If you have found a property that you are interested in buying, contact us today.