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The New South Wales Home Builders Bonus

April 14, 2012 | Comments: 0 | Views: 159

If you are considering a move within New South Wales, there are financial benefits for building a new home over the purchase of an existing home. In certain rural areas of Australia, state and territory grants are provided to those building new homes in order to stimulate rural communities. In NSW, the bonus applies to homes built anywhere in the state. The New South Wales Home Builders Bonus is a complete stamp duty exemption that is worth up to $22,490. For first-time home buyers, this can be combined with the First Home Buyers Grant for a total of $29,490 in benefits.

Eligible New South Wales Land Purchases

If you are purchasing land up to $400,000 in value that will be used for building a home and you're an Australian citizen, you are eligible for the exemption. If any building work has already commenced on the home, including laying the foundation, the land is no longer eligible. However, site preparation work such as clearing vegetation or checking for archeological artifacts are not considered part of the construction process. Underground preparations, such as laying the plumbing lines, are also not considered the beginning of construction.

There are no zoning requirements for this bonus. Even if the land is not zoned as a residential area, it may still be eligible. There is also no requirement that the building project be a first home. Australian citizens building in NSW can receive this bonus as many times as they wish for new home construction. The bonus does not apply to buyers who wish to purchase an existing home to tear down and replace with new construction.

There is also a 25 percent concession of the stamp duty amount due for the purchase of new homes in NSW that have been completed but that have never been lived in. The maximum home value for this concession is $600,000.

Building New Homes as Investments

Receiving the bonus is not just for individuals. Companies building investment homes are also eligible. The builder does not have to live in the home for any period of time. In some cases, foreign investors can apply for the bonus through the Foreign Investment Review Board. The board reviews foreign investment proposals to ensure they are favorable to Australia under the Foreign Acquisitions and Takeovers Act.

The Seniors Principal Place of Residence Duty Exemption

Part of the HBB is a provision for seniors 55 and over who are purchasing a home that they will live in as their primary residence. This provision provides an exemption of stamp duty for a new-construction home. It does not have to be a first-time home purchase for the buyer, and there are no income requirements. The home must be valued at $600,000 or less to qualify.

Use our home loan comparison software to find out how much you can save by getting the best home loan rate on your Australian home loan.

Source: EzineArticles
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