Conveyancing for First Time Home Buyers

Posted on Jul 27th, 2016

A conveyancing lawyer will help you from start to finish when you purchase your first home. This includes all the legalities surrounding the grants available to first home owner scheme. As these have changed over the years Conveyancing Sydney are up to date with the latest knowledge and can best represent you. Here’s what you need to know about conveyancing for first home buyers.

What Grants Are Available

If you are looking at purchasing a brand new home or a block of land or buying a block of land to build on you may be eligible for a $10,000 grant along with an exemption from stamp duty. Even if you aren’t a first home buyer and are purchasing a brand new house or building there is a $5000 New Home Grant that you could be approved for. Conveyancing Lawyers can help you determine what you are eligible for and go through the application process with you.

Exemption from Stamp Duty

If you have never purchased another house in Australia before and you are buying a new home for less than $550,000 you could apply for an exemption from Stamp Duty. This can save you thousands of dollars and it’s a good idea to have a conveyancing lawyer as they will be able to advise you on what you can apply for and the right way to go about this. Even if the property is more than $550,000 you could apply for a discount on stamp duty if the home is under $650,000. If you are looking at buying a block of land to build your first home on you may be approved for an exemption from Stamp Duty if you pay less than $350,000 for it. If it’s slightly more but less than $450,000 you could get a discount on the Stamp Duty you pay.

First Home Owner’s Grant

You may have heard of the First Home Owner’s Grant over the years, however, the criteria and amount has changed many times. For the most up-to-date information seek Conveyancing in Sydney. If you are looking at purchasing your first home (brand new) or block of land for less than $750,000 you could be approved for the $10,000 First Home Owner Grant. You must intend to live in it for the first 12 months and reside there on a continual basis for a minimum of 6 months. A conveyancing lawyer will run over the criteria with you and assist in the application process.

New Home Grant Scheme

Even if you aren’t a first home buyer, if you are buying a brand new home or block of land you could get the $5,000 New Home Grant. You will receive this via a reduction in Stamp Duty costs and if there is a remainder you will receive this in the form of a cheque. You can apply for this as many times as you like, the only limitation is to one per financial year. You don’t have to live in the property and this can be used for investment properties. There are many requirements which a conveyancing lawyer can go through with you.

When looking at purchasing your first home or block of land it’s essential that you use a conveyancing lawyer to ensure everything goes smoothly and you don’t miss out on any grants. For a lawyer that is experienced in this area contact Conveyancing Sydney at (02) 8084 2764.