We at Phang Legal have seen an increase in conveyancing enquiries as of late by First Home buyers.This is likely a result of the expiry of stamp duty concessions for existing homes under the First Home Plus Scheme.
The First Home Plus Scheme offers exceptions or concessions to the stamp duty payable on a property transaction. An exemption is offered for property valued at up to $500,000 and concessions are offered for property valued up to $600,000.
From 1 January 2012
the scheme will be amended and these benefits will only be available to purchasers of newly-built or off-the-plan properties.
The deadline of 31 December 2011 has caused a lot of first home purchasers to enter into the market.
If you are a purchaser, so long as you enter into a contract to purchase property by 31 December 2011, you will be eligible to receive exemptions or concessions under the First Home Plus Scheme and you are not limited to purchasing new property in order to receive these benefits.
For more information on our conveyancing services and quotes on our professional fees, please request a Conveyancing Fees quote. One of our experienced property lawyers will contact you to explore how we can assist you with your property transaction.
This website is supported by Phang Legal, an incorporated legal practice based in Parramatta CBD providing conveyancing services across Sydney and New South Wales. Kenneth Ti is an associate solicitor with Phang Legal.