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New-home grants upped to $10,000; stamp duty savings fast-tracked

NEW-home builders are set to save thousands with the State Government boosting grants and fast-tracking stamp duty cuts.

But buyers looking to purchase an existing property need to act before 30 June 2013 or miss out.

First Home Buyer Grant

From 1 July 2013, the First Home Owner Grant (FHOG) will increase from $7000 to $10,000 for newly constructed homes under $750,000.
The increase in the FHOG will apply for first-home buyers who enter into a contract to purchase or build a new home on or after 1 July 2013.
The Government has announced that the existing FHOG on the purchase of an established home will conclude on 1 July 2013. To receive the FHOG on an established home, you must enter into a contract to purchase the home on or before 30 June 2013.

First Home Buyer Duty Reduction

The duty reduction available for eligible first-home owners of both newly constructed and established homes will increase to 40 per cent from 1 July 2013 for homes valued up to $600,000.
Eligible first-home buyers will benefit from a further 10 per cent duty reduction from 1 September 2014, increasing total duty savings for eligible first-home buyers to 50 per cent.
Contact Daryn or Ian at The Practice Financial Solutions to discuss the implications of these changes on your property purchase.

The Practice Financial Solutions holds an Australian Credit Licence (ACL # 388041) and is governed by ASIC.  We’re accredited with over 30 lenders which means we focus on finding the loan that’s right for you. Contact us on (03) 8888 4000 or loanupdates@thepractice.com.au.

Written by:

Daryn Heffernan