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Starting from the 1st of July 2010 and ending on the 30th June 2012 stamp duty will be cut down to zero for:
* Vacant land up to $400k
* New homes up to $600k
Vacant land buyers will need to start building within 26 weeks of the approval of sale or transfer, unless otherwise allowed by the Chief Commissioner. Furthermore, building must be completed 18 months after foundations had been laid down.
For those who have just purchased a new home, an agreement of sale or transfer will not be eligible for the Home Builders Bonus (HBB) if it replaces an agreement of sale or transfer made before 1st July 2010 that was substantially the same property.
Who is eligible?
According to the Office of State Revenue the new HBB is available for:
* owner occupied and investment properties – can be applied multiple times.
* first home buyers - either apply for HBB or First Home Plus concessions but not both, so will have to decide which one is of greater benefit.
http://blog.mortgagechoice.com.au/?p=470 |
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