If you’re thinking of buying luxury apartments in Sydney, now could be an ideal time to take advantage of several NSW grants and concessions that you may be eligible for. 2020 saw a raft of measures introduced to boost construction across Australia, including the HomeBuilder program which provided grants of $25,000 towards new home builds that met the criteria. This program has now been extended to 31 March 2021, providing a brief but welcome window for those looking to apply.
This extension could be wonderful news for anyone considering investing in:
- The urban resort-style lifestyle at Waterfall by Crown Group in Waterloo
- The landmark architectural collaboration at Mastery by Crown Group, and
- The naturally inspired luxury of Eastlakes Live by Crown Group.
What exactly does the HomeBuilder program involve?
While the HomeBuilder grant has been reduced from its initial figure, it still provides $15,000 towards the build of a new home, an off-the-plan home or a substantial renovation. The new build price cap for this program is $950,000 in NSW. Contracts must be signed between 1 January and 31 March 2021 to be eligible, and applications will need to be received by 14 April 2021 to be considered. Full information on eligibility can be found on the HomeBuilder page of Revenue NSW.
What other grants may be available?
If you are planning to buy your first home, there are two additional opportunities worth looking into.
- The First Home Buyer Assistance Scheme may provide either a concessional rate of transfer duty or a transfer duty exemption for first home buyers in NSW. This is based on the value of the new home. For agreements dated between 1 August 2020 and 31 July 2021:
- First home buyers may be eligible for a full transfer duty exemption for a new home valued at less than $800,000.
- First home buyers may be eligible for a concessional transfer duty rate for a new home valued between $800,000 and $1 million.
- The First Home Owner Grant (New Homes) scheme may provide $10,000 grant towards the building of a new home for under $600,000.
For full details on eligibility, you can visit the First Home Buyer guide at Revenue NSW.
What does this mean for someone planning to buy a new apartment in 2021?
Whether you are exploring Green Square apartments for sale, Eastlakes apartments or apartments for sale in Sydney’s CBD, it’s worth considering how buying at the right time could allow you to access these financial incentives. It’s also worth keeping in mind that the HomeBuilder program is set to end soon, with eligible contracts to be signed by 31 March 2021.
Our sales team at Crown Group is here to help you find the ideal new apartment to suit your lifestyle and ideal location. We can also help to provide clarity on which grants and concessions you may be eligible for.