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FIRST HOME PLUS |
First Home Buyers Stamp Duty Relief |
New First Home Buyers Relief applies in NSW from midnight on 3 April 2004. The threshold has been increased to $500,000 phasing out at $600,000 for the purchase of new or established dwellings. The threshold for the purchase of land has been increased to $300,000 phasing out at $450,000. |
First Home Buyers who made contracts before midnight on 3 April 2004 who rescind the contract by mutual agreement with the vendor will qualify for First Home Plus under the replacement contract provided settlement has not occurred and the other eligibility criteria have met. Stamp duty already paid can be refunded. |
The First Home Buyers stamp duty relief is available as long as one of the purchasers has never owned and occupied residential property in any State or Territory within Australia. |
Purchasers who exchanged contracts before 3 April 2004 should contact their lawyers to see whether First Home Plus is available and if so whether the vendor is willing to rescind the contract by mutual agreement and to make a replacement contract to obtain the stamp duty relief. |
Peter McNamara |
peter.mcnamara@cml.com.au
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