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We have recently moved offices

admin — Thu, 18 May 2017 01:12:32 +0000

We have recently moved from our location in Parer Street Springwood to our new office location in Sunnyridge Road in Winmalee. We are currently experiencing issues with our landlines as part of the move so we ask customers to please contact us via 0400 312 897 whilst we resolve these issues with Telstra, this will ensure we are contactable and can provide you the best possibly service during this time of disruption.

First Home Owners Grant Changes

admin — Fri, 03 Jul 2015 00:04:57 +0000

From 1 October 2012, the $7 000 First Home Owner Grant will be replaced by the $15 000 First Home Owner Grant (New Homes) Scheme.

First home owners who purchase or build a new home where the eligible transaction commencement date (contract date) is on or after 1 October 2012 will be eligible for the $15 000 grant. The grant will reduce to $10,000 on 1 January 2016 for eligible transactions, which have a commencement date (contract date) on or after 1 January 2016.

The $7 000 first home owner grant for established properties ended the 30 September 2012 and will not be available where the eligible transaction commencement date (contract date) is on or after 1 October 2012.

To qualify for the First Home Owner Grant, you must meet the following
eligibility criteria:

Each applicant is a natural person and not a company or trust.
At least one applicant is a permanent resident or Australian citizen.
Each applicant must be at least 18 years of age.
All applicants and/or their spouse/de facto have not owned a residential
property, jointly, separately or with some other person, in any State or
Territory of Australia before July 2000.
All applicants and/or their spouse/de facto have not previously owned a
residential property jointly, separately or with some other person in any
State or Territory of Australia, and occupied that property for a continuous
period of at least six months.
Each applicant has entered into a contract for the purchase of a home or
signed a contract to build a home on or after 1 July 2000. In the case of
an owner-builder, laying of the foundations commenced on
or after 1 July 2000.

The total value of the property does not exceed the cap amount for
eligible transactions which commenced on or after 1 January 2010.
The cap amount is reviewed annually and the cap applicable to your
application is determined by the commencement date of the eligible
transaction. This is the date of the contract to purchase or build a home
or, for an owner builder, the date the laying of foundations commenced.

First Home Owner Grant Cap

The current cap of $835 000 applies where the eligible transaction commencement date falls on or after 1 January 2011 and on or before 30 September 2012.
On 1 October 2012, the cap reduces to $650 000. The $650 000 cap will apply to all new home transactions where the commencement date of the eligible transaction is on or after 1 October 2012. Applicants who purchase a new home or build a home which has a total value of more than $650 000 will not be eligible for the First Home Owner Grant (New Homes) Scheme.

First Home – New Home

admin — Fri, 03 Jul 2015 00:01:04 +0000

The First Home—New Home Scheme provides eligible purchasers with exemptions on transfer duty on new homes valued up to $550, 000 and
concessions on duty for new homes valued between $550, 000 and $650, 000.
Eligible purchasers buying a vacant block of residential land to build their home on will pay no duty on vacant land valued up to $350,000 and will receive concessions on duty for vacant land valued between $350,000 and $450,000.
To qualify for First Home—New Home, you must meet the criteria listed below:

The contract and the transfer must be for the purchase of the whole of the property.
All purchasers must be ‘eligible purchasers’.
At least one eligible purchaser must occupy the home as their principal place of residence for a continuous period of six months, commencing within 12 months of completion of the agreement. Where an eligible
purchaser was a member of the permanent forces of the Australian Defence Force and all purchasers were enrolled on the NSW electoral
roll, as at the transaction date, dated on or after 21 October 2009, then all purchasers are exempt from the residence requirement.

An ‘eligible purchaser’ is a natural person (ie not a company or trust) at least 18 years of age who has not, and whose spouse/de facto has not:

at any time owned (either solely or with someone else) residential property in Australia other than property owned solely as trustee or executor
previously received an exemption or concession under First Home—New Home.

Homes

You do not have to pay duty on the purchase of a new home up to $550,000. To calculate the First Home—New Home concession on a home between $550,000 and $650,000 multiply the purchase price by 0.2249 and subtract $112,450.

Vacant land

You do not have to pay duty on the purchase of vacant land up to $350,000. To calculate the First Home—New Home concession on land between $350,000 and $450,000 multiply the purchase price by 0.1049 and then subtract $31,470.

Shared Equity Arrangements

admin — Thu, 02 Jul 2015 23:56:17 +0000

First Home—New Home shared equity arrangements allow eligible purchasers to buy property with other parties and still receive a concession. To qualify, the
eligible purchasers must buy at least 50 per cent of the property. The value limits and other eligibility criteria of First Home—New Home apply.
Transfer duty is calculated with reference to the proportion of the property purchased by other parties. However, this interest is disregarded if it is not more than five per cent.
You can calculate the exact amount of your concession using the First Home—New Home
calculator on OSR’s website.
Note: If the first home buyer’s spouse has previously owned a home or received a benefit under First Home—New Home, the first home buyer will not
be entitled to the shared equity arrangements concession under First Home—New Home, regardless of whether or not the spouse is also a purchaser.

NSW New Home Grant Scheme

The NSW New Home Grant Scheme has been introduced to stimulate the construction of new homes in NSW. The scheme provides a grant
of $5000 towards the purchase of new homes, homes off the plan and vacant land on which a new home will be built.

For purchasers to be eligible to receive the grant, the value of the new home must not exceed $550,000 and the value of vacant land must not exceed $350,000.

The following types of agreement or transfer are eligible for the grant:

A new home purchase. That is an agreement or transfer for the purchase of land that is the site of a new home that is complete and ready for occupation.
An off the plan purchase. That is an agreement or transfer for the purchase of land intended to be used as the site of a new home, which is to be built before completion of the agreement.

Payment of the grant

The payment of the grant will be administered by way of applying the amount of the new home grant as a credit against liability for duty on the agreement or transfer.
Where the duty payable (including the duplicate and transfer) is greater than $5000, only the difference between the duty payable and
$5000 is required to be paid.
Where the duty payable (including the duplicate and transfer) is less than $5000, no duty is required to be paid and a payment of the difference between the $5000 grant and the duty payable will be issued by way of a cheque.

Eligibility requirements for transactions

Agreements for sale or transfers of vacant land or a new home will be eligible for consideration under the scheme where they are entered into on or after 1 July 2012.
A new home is a home that has not previously been occupied or sold as a place of residence, and includes a substantially renovated home.
An agreement or transfer is eligible if it is for the acquisition of a new home that is complete and ready for occupation.
For vacant land, construction must commence with the laying of foundations within 26 weeks after the agreement or transfer is completed, or within any longer period allowed by the Chief Commissioner.
Applications for the grant must be made within three months of the date of the agreement (or transfer when there is no preceding agreement).
The agreement or transfer must be for the whole of the land. If the land is a parcel of land on which two or more homes are built or being built, the agreement or transfer must be for that part of the land that is an exclusive occupancy.