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First home buyers grant - definition "new" property

Discussion in 'Real Estate' started by bec0203, 6th Jan, 2009.

  1. bec0203

    bec0203 New Member

    Joined:
    6th Jan, 2009
    Posts:
    4
    Location:
    Paddington, Sydney
    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.
     
  2. Simon Hampel

    Simon Hampel Co-founder Staff Member

    Joined:
    9th Jun, 2005
    Posts:
    4,619
    Location:
    Sydney, Australia
    Some information for you: First home benefits - NSW Office of State Revenue
    and: http://www.osr.nsw.gov.au/lib/doc/factsheets/fs_fhob3.pdf

    In summary:

     
  3. Jacque

    Jacque Team InvestEd

    Joined:
    16th Jun, 2005
    Posts:
    1,885
    Location:
    Sydney
    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!