First home buyers grant - definition "new" property

Hi all,

I am looking to take advantage of the first home buyers grant before 30 June so I can attain the additional amounts on offer for a new property ($21,000).

My question is around the definition of a "new" property. Does the property just have to be one that is recently completed by some developer and never lived in or does it have to be one I have organised to get built myself?

I am looking to buy an apartment and in my area (Sydney eastern suburbs or inner west) and there are quite a few new developments around. I am trying to weight up the figures to see the best option for my circumstances.

Sorry if this seems like a silly question but it's all new to me and I assume that nothing is as simple as it seems!

Thanks.

 

Hi Bec

As per Simon's post, a new residence is defined as one that hasn't been lived in or is yet to be constructed (house and land package for example)
Be careful, however, in rejecting established properties altogether as new properties often have a premium price built in already, which may well exceed $7K. They can be a bit like a new car- depreciating as you drive them out of the caryard, or, in this case, as you move your furniture in

Happy hunting!