The NSW Government regularly change availability and the eligibility criteria of grants available to purchasers so it is always a good idea to check with your solicitor if there are any grants that may apply to you.
What grants are available to me?
At present there are government grants for first home buyers and for people buying a new house or buying land with a view to commencing construction. Certain terms and conditions apply to all available grants; however a first home buyer purchasing a brand new home may expect to receive a grant of $10,000 plus exemption from their stamp duty liabilities. Any person or company purchasing vacant land on which they intend to build within 26 weeks of settlement may receive a $5,000 grant which will be credited towards their stamp duty liabilities.
Other grants available to home owners include the Bathurst Regional Council's grants for heritage building improvements which assists property owners in repairing and conserving older properties in the area. The closing date for applications is 26 May 2017.
What if I get a grant but my circumstances change and I no longer comply with the requirements?
If you are unable to comply with the requirements of the grant, you will be required to repay the grant to the Office of State Revenue. Penalties apply if you do not advise the Office of State Revenue of your change in circumstances.
If you are interested in finding out about available grants, or have a specific question you can get in touch with us on 63312911.
Please note the answers provided are for your general information only and we ask that you call our office on 02 6331 2911 to obtain detailed legal advice for your individual situation.