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Mortgage One - Thursday, August 04, 2011

OSR Home Builders Bonus offers a positive incentive for investors

With all the uncertainty for investors in the market place, we can lose sight of the schemes which still exist and offer substantial savings and exemptions.

The NSW Home Builders Bonus (HHB) includes the following exemptions on stamp duty:

• Full exemption on stamp duty for transactions relating to vacant land and off the plan purchases where building has not commenced. The value of the vacant land must not exceed $400,000.
• A partial exemption of 25% of duty payable for purchases of completed new homes or off the plan purchases where construction has commenced. The value of the new property must not exceed $600,000.
• The Senior’s Principal Place of Residence Exemption provides a full exemption for eligible seniors purchasing a new home that is to be occupied as their principal place of residence. Applicants must be over 65 years of age, and selling their current residence.  

Only transactions entered into after 1 July 2010 and before 1 July 2012 will be eligible. And best of all, there is no limit to the number of new homes a person may purchase under the HHB.

So, if you have been considering an investment, a building project, or even making a move to a new family home, this may be an opportune time to consider the HHB and the eligibility requirements.

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