Government Grant Available for Relocation to a Region
Available until 30th June 2015
One of the most important matters to be considered in planning the purchase of a property is the amount of stamp duty payable to the NSW Office of State Revenue. The OSR website has a table which can be accessed to calculate the amount of stamp duty payable. Alternatively, contact Grogan & Webb by phone or email and we will advise by return the amount of stamp duty payable on a particular transaction.
From time to time the government puts in place programs which give reductions in stamp duty or monetary incentives or concessions which are supervised by the Office of State Revenue.
In 2012 the NSW Government announced a Regional Relocation Grant of $7,000.00 which operates for four years commencing on the 1st July 2011 to the 30th June 2015. The purpose of the Grant is to give a financial incentive to people moving from the city to a regional area. There are strict eligibility requirements for this grant which are summarized as follows:-
i) All applicants must be natural persons with at least one applicant being an Australian citizen or permanent resident. Companies or Trusts are not eligible.
ii) One of the applicants must have occupied a home in the metropolitan area as their principal place of residence within twelve months before the date of exchange to purchase the regional property.
iii) The metropolitan area is defined as meaning the local government areas of Sydney, Blue Mountains, Hawkesbury, Gosford, Wyong, Wallondilly, Wollongong and Newcastle. Regional areas are the local government areas outside the above definitions.
iv) The purchase price of the regional home must not exceed $600,000.00 or $450,000.000 for vacant land.
v) The metropolitan home must be sold within a two year period with the Contract date of the purchase of the regional property being the mid point.
vi) The regional home must be occupied as the applicant’s principal place of residence.
The above is a summary only and any person considering a move to a region should contact Grogan & Webb to determine whether they may be eligible to receive the $7,000.00 grant from the government which the government will be pay as a stamp duty concession.
Please contact Grogan & Webb in relation to this or any other property enquiry.
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