The New South Wales Government currently has a number of grants available for those looking to build or buy a home, or for metropolitan home owners looking to re-locate to a regional area. It is hard to keep up with what incentivies are still available, so we are going to explain in simple terms what is available to ensure you receive the maximum savings possible when purchasing your next property.

Seniors – 55 years or over
A full Stamp Duty Exemption will apply for seniors who purchase a new home or an off the plan purchase where construction has commenced. The property must be their principal place of residence. Purchasers must be aged 55 or over, or if a married couple or de facto partners are the purchasers, one of them must be aged 55 or older. This is valid until 30 June 2012.

First Home Owners Grant Scheme
The First Home Owner Grant Scheme (FHOGS) provides first home buyers with a $7,000 grant to purchase their first home. Eligible first home owners can receive the grant regardless of their income or the area in which they are planning to buy or build. This applies to brand new homes or established homes up to the value of $835,000.

New Home Builders Bonus
Those purchasing vacant land or off the plan purchases where building has NOT commenced will be exempted from paying stamp duty. A partial concession of 25 per cent of duty payable applies to completed new homes or off the plan purchases where construction HAS commenced. The value of the land must not exceed $400,000 and new homes must not exceed $600,000. For vacant land, construction must commence with the laying of the foundations within 26 weeks of the agreement for sale or transfer is entered into, or within any longer period allowed by the Chief Commissioner and the building work must be completed within 18 months after the laying of the foundations begins or within a longer period allowed by the Chief Commissioner. This exemption is only on offer until June 30 2012.

Regional Relocation Grant
A one off $7,000 financial incentive for New South Wales metropolitan home owners who sell their home and then purchase property in regional and rural centers. All applicants must have owned and occupied their metropolitan home as their principal place of residence with 12 months before the contract exchange date of their regional property. They must then occupy this regional residence for at least 12 continuous months commencing within 12 months after the completion date of the regional home purchase. The metropolitan area means the local government areas of the Sydney metropolitan area, Blue Mountains, Hawkesbury, Gosford, Wyong, Wollondilly, Wollongong and Newcastle. This scheme expires 30 June 2015.

For more information and eligibility requirements for the above incentives and schemes visit
www.osr.nsw.gov.au