| There has been extensive coverage in recent times | | | | the sale or transfer of land on which the new home |
| of the various bonuses and concessions that are | | | | will be built before the completion of the sale or |
| available to first home buyers, for both newly | | | | transfer, known as an off the plan purchase. There |
| constructed and existing properties. In NSW these | | | | are further date restrictions that apply to off the |
| benefits include State and Federal Government | | | | plan agreements in order to determine eligibility. |
| grants as well as stamp duty concessions from the | | | | Whilst new units, new apartments and off the plan |
| State Government. | | | | agreements are eligible under HCAP some other |
| In an effort to further stimulate construction and | | | | agreements and situations are not. For example, |
| industry related business and employment | | | | purchasers who enter into a comprehensive home |
| opportunities the NSW Government has announced | | | | building contract are not eligible for the concession |
| that they are now introducing significant stamp duty | | | | under HCAP as according to the Duties Act 1997 |
| concessions on the purchase of all new homes by | | | | these types of contracts do not attract payable |
| those who are not first home buyers. | | | | duty. Similarly, owner/builders are also not eligible to |
| Under this new scheme which is entitled the NSW | | | | under HCAP as they are not liable for duty under the |
| Housing Construction Acceleration Plan (HCAP) new | | | | Duties Act 1997 either. HCAP does also not apply to |
| home purchasers may be eligible for a 50 percent | | | | the purchase of vacant land. |
| reduction in payable duty on properties that do not | | | | Additional items to note in regards to eligibility criteria |
| exceed $600,000 in value. | | | | includes: there is no limit to the number of homes |
| A “home” is defined as a building that may | | | | that a person can claim under HCAP; there is no age |
| lawfully be used as a place of residence and is in the | | | | limits for applicants of HCAP; there is no requirement |
| Chief Commissioner’s opinion, a suitable building | | | | for a purchaser to be an Australian citizen or |
| for use as a place of residence. Further to that, a | | | | permanent resident; and, applications are not |
| new home is said to be a home that has not | | | | restricted to natural persons. |
| previously been occupied or sold as a place of | | | | As with most Government concessional schemes the |
| residence, and includes a substantially renovated | | | | eligibility criteria can be quite complex to navigate |
| home. | | | | making it difficult to understand whether or not you |
| In order to be eligible to submit a HCAP application | | | | are actually eligible. Contact the lawyers at The Quinn |
| agreements for the sale or transfer of a new home | | | | Group to ensure that you are maximizing your |
| must be entered into after and including 1 July 2009 | | | | savings when buying a new home. Whether you are |
| and before 1 January 2010. | | | | a first or existing homebuyer we are able to assist |
| Agreements for the sale or transfer are generally | | | | with all of your contract and Conveyancing needs as |
| considered to be eligible if the new home is complete | | | | well as advise on any concessions that you may be |
| and ready for occupation or if the agreement is for | | | | eligible for. |