At Phang Legal we 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.