Commencing 1 July 2012, a $5000 grant will be available to buyers of new homes, whether off the plan or newly built, with a value up to $650,000 and to buyers of vacant land that is intended to be the site of a new home valued up to $450,000. Applications for the grant must be made within three months of the date of execution of the agreement for sale or of the transfer (where there is no agreement).
A purchaser under the scheme can be any entity, including a natural person, a company or a trustee of a trust and is available to investors as well as owner occupiers. The payment of the grant will be administered by way of applying the amount of the new home grant as a credit against liability for duty on the agreement for sale or transfer. However, if the total amount of duty is paid, or there is a balance of grant owing, a payment will be issued by cheque upon completion of the purchase (i.e. the registration of the change of title).