On 1 July 2012, the New South Wales Government introduced the New Home Grant Scheme to stimulate the residential construction industry.
The Scheme provides a grant of $5,000.00 to purchasers/transferees of properties falling under the definition of “new homes.” Such properties include newly constructed homes, homes off the plan and vacant land on which a newly constructed home is to be built.
Up until 30 June 2014, there was no limit on the amount of times those eligible for the New Home Grant could claim the Grant.
However, on and from 1 July 2014, the Scheme has changed so as to limit the availability of the Grant to one purchaser/transferee per financial year. Also, the Scheme has been varied to exclude foreign residents/investors.
For further advice regarding the New Home Grant or any other property-related matter, do not hesitate to contact the solicitors at Burt & Hanke Legal in Albury.