The Building Block for Your Dream Home: Government Schemes Available

Found the perfect vacant land to build your dream home on? It is important for you to be aware of the government benefits available to you.

First Home Buyers Assistance Scheme

You are exempt from paying any stamp duty under the First Home Buyers Assistance scheme implemented by the NSW Government if you are an Australian citizen or an eligible Australian permanent resident purchasing vacant land for a maximum amount of $350,000. If the purchase price of the vacant land is between $350,001 and $449,999, then stamp duty is payable at a discounted amount.

At Indus Lawyers, we can complete this application for you and the stamp duty exemption or concession is granted as soon as we submit the application to Revenue NSW.

First Home Owner Grant (New Homes) Scheme for Vacant Land

The First Home Owner Grant (New Homes) Scheme offers $10,000 grant for Australian Citizens and eligible Australian permanent residents buying vacant land where:
• You build a new home on the purchased land and move into the home within 12 months after construction is complete;
• You occupy the new home as your principal place of residence for a continuous period of at least 6 months; and
• The total value of the property will not exceed $750,000.

It is ideal to lodge the application for this scheme through your bank in order to receive the grant at settlement or on the first draw down on the contract to build.

If the application is lodged to Revenue NSW directly, you cannot make the application prior to completion of the construction and you only have 12 months to complete construction.

The below summary outlines the benefits available to you if you are purchasing vacant land and you intend to build a home on the land:

In preparing the application forms for both schemes, you have to present various proofs of identification to enable your bank and solicitor to prepare your application and comply with the requirements of Revenue NSW.

If you still need further clarification regarding the application process, you can contact us for a friendly discussion so you can focus on planning and building your dream home.