When you are considering having a new home built there are probably a lot of questions stirring around in your mind and one of the best things you can do is to get them answered. You might be able to get some of them answered by checking out this home builders faq offered here for your convenience.
FAQ for New Housing Exemptions and Concessions
1. What agreements or transfers are eligible? - New home purchase are one that is eligible. This is the agreement for the sale or transfer of the land that the site of a new home that is completed and ready to be occupied. An off the plan purchase which is an agreement for the sale or the transfer of land that is intended to be used for the site of a new home. Finally a vacant land purchase. This is an agreement for the sale or transfer of a vacant piece of land that is not an off the plan purchase and is still intended to be used for a new home.
2. Are there value limits? - Yes there are. With a new home purchases or an off the plan purchase it is up to $600,000 or $400,000 if it's a vacant land purchase.
3. What exactly is considered a new home? - This is a home that has not been occupied or sold as a residence previously it does include substantially renovate homes however.
4. What exactly is a substantially renovated home? - This is a new residential home that has been renovated and has not has not been occupied or sold prior.
5. For a vacant land purchase when do you have to start building the home? - The laying of the foundations of the home must start within 26 weeks of the settlement of the agreement for the sale or transfer.
6. When must applications be handed in? - All applications must be made three months prior to the date of the agreement for the sale or transfer of the property.
7. What kind of duty is payable? - If it is an off the plan purchase where construction of the home has not started yet and for a vacant land purchase no duty is charged. If it is a completed new home or an off the plan purchase where construction has started then the amount of the duty is reduced by 25%.
8. When does construction of a new home begin? - Building of a new home starts at the time when the laying of the foundation begins. This does not include the preparation of the site in order to start the home building. It also does not include the underground plumbing that might have to be done prior to building the house.
9. When does construction of a substantially renovated home start? - For the off the plan purchase of a substantially renovated home it is considered started as soon as the replacement parts of the home are located. Demolition of parts needed to be removed is not considered as part of the start.
10. Can the home or the land be used for something else? - The new home or the land can only be used for residential and nothing else.
11. Can a person get the exemption or concession more than once? - Yes.
12. Can a person also apply for a First Home Owner Grant? - Yes, if applicants are eligible they can apply for the Grant as well.
13. Can you get the exemption or concession if you are purchasing an existing home to knock down and build a new home on the same land? - No, the agreement is that you must purchase vacant land to build a new home or buy a completed new home or a new home off the plan.
14. Can an applicant be approved in advance? - Yes, the Chief Commissioner can approve an application in advance if they meet all the requirements and they have the necessary application form and evidence is provided.
If you have further questions about home builders you can contact them personally for more in depth information on housing exemptions and concessions.