Stamp Duty Concessions

Help for new home builders

You don’t have to be a first home owner to get some help from the New South Wales Government.

NSW Home Builder Bonus

In July 2010 the Government introduced stamp duty concessions under the NSW Home Builders Bonus (HBB) to stimulate the construction of new homes in NSW. Anyone buying land or building a new home within the specified price range can qualify. The concessions offer:

full exemption (100%) on purchases of vacant land up to $400,000
full exemption (100%) on off-the-plan purchases up to $600,000 where building has not commenced.

You may be eligible for the HBB concessions if you enter into an agreement for the sale or transfer of vacant land or a new home before 1 July 2012.

For vacant land, you need to begin construction with the laying of foundations within 26 weeks after settlement and construction must be completed within 18 months after the laying of foundations begins. The Googong sales process for the first release will enable you to meet these requirements.

Regional Relocation Grants

If you are moving to Googong from a metropolitan area in New South Wales you may also be eligible for a government Regional Relocation Grant. The scheme could provide you with a one-off payment of $7,000 to assist you with the cost of relocating from your metropolitan home to a regional home.

Metropolitan area means the local government areas of the Sydney metropolitan area, Blue Mountains, Hawkesbury, Gosford, Wyong, Wollondilly, Wollongong and Newcastle.

First Home Owner Grants

If you haven’t bought or built a home before, you may be eligible for the $7000 First Home Owner Grant, which applies to residential dwellings. To be eligible you must be an Australian citizen or permanent resident, be buying or building your first home in Australia and have the intention of occupying the property as your principal place of residence within 12 months of the settlement and living in it continuously for at least 6 months.

If you’re eligible you can receive the Grant regardless of your income. The Grant is not means tested and no tax is payable on it. However, there is a cap on the maximum property price a first home buyer can pay and still be eligible for the grant. The cap in New South Wales is $835,000.

More details

For more details of the Home Builders Bonus, see the NSW Government website here or download a fact sheet.
For more details of the Regional Relocation Bonus, see this section of the NSW Government website.
For more details of the First Home Owner Grant download a fact sheet here.

Disclaimer: Although we are happy to draw these bonuses to your attention, Googong Township Pty Ltd cannot guarantee that you will be eligible for any bonus schemes from the NSW Government, or that the schemes will not be altered, suspended or cancelled during the purchase period. You should make your own enquiries.