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Changes to the New Home Grant Scheme from 1 July, 2014

There were several changes to the “New Home Grant Scheme” following the 2014 NSW State Budget, many of which will effect purchasers of new homes in 2015.

The New Home Grant Scheme offers a grant of $5,000.00 to eligible buyers for the purchase of new homes and is different to the First Home Owner Grant (New Home) Scheme which offers a $15,000.00 grant for eligible first home buyers.

Some of those changes include:-

  1. The New Home Grant will only be available to purchasers (including transferees) who are Australian citizens, Australian residents or an Australian-owned body corporate. Applicants must provide a certified copy of their birth certificate, Australian passport or Australian citizenship certificate as evidence.
    1. Australian resident means:-
      1. the holder of a permanent visa within the meaning of Section 30 of the Migration Act, 1958. Applicants must provide a certified copy of their permanent resident visa; or
      2. a New Zealand citizen who holds a special category visa within the meaning of Section 32 of the Migration Act, 1958. Applicants must provide a certified copy of their New Zealand passport.
    2. An Australian-owned body is a corporation or body corporate that is at least 50% owned or controlled by persons who are Australian citizens or Australian residents. Where a trustee is acquiring the land, at least 50% of the beneficial interest in the land must be held for the benefit of Australian citizens , Australian residents or Australian-owned bodies.
  2. The grant is only available to one purchase per financial year. If a purchaser receives a grant for a transaction which occurred in a financial year commencing 1 July, the purchaser will not be eligible for a further grant on another transaction in that financial year.
  3. The requirement to process a New Home Grant off the plan application within 3 months of the date of execution of the agreement for sale or Transfer (where there is no agreement) has been removed.

If you are interested in buying or selling your property in 2015, contact Geoff Brazel at Brazel Moore Lawyers on (02) 4324 7699 for some experienced no obligation conveyancing advice.

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