Off the plan resale and FHOG NSW

Hi Friends,

Happy new year to everyone.

I'm a first home buyer and have been looking to buy a off the plan resale villa in seven hills NSW which is due to completed in Jan 2nd week. This property has not been settled yet and the chinese owner wants to resale this after settlement.

Wanted to check as this property is new and never being lived in, am i eligible for the FHOG?
 
Hi Friends,

Happy new year to everyone.

I'm a first home buyer and have been looking to buy a off the plan resale villa in seven hills NSW which is due to completed in Jan 2nd week. This property has not been settled yet and the chinese owner wants to resale this after settlement.

Wanted to check as this property is new and never being lived in, am i eligible for the FHOG?

Happy New Year too. I'm not certain on this, but unfortunately i don't think it is.

I've asked agents and my solicitor in Canberra this question and the answer has been no. Not sure if the same applies for NSW.
 
Have a chat with the Office of State Revenue, generally the declaration states that the property has *not been previously inhabited* - so best to check.
 
No it is NOT brand new, what's gonna happen is:

Chinese Owner settle the property on the day

Yourself buy the property on the same day it settle

Chinese Owner need to pay CGT if they sell you more than what they originally paid for

Yourself need to pay full stamp duty as it is considered 2nd hand property

Even if you agree to buy the property now technically the Chinese owner is still the first owner as they signed the contract first with the developer, so they will settle their contract first, than you two exchange contract. This is a common tactic of speculation of the OTP contracts.

so the answer is NO you will not be eligible for FHOG because technically you are NOT the first owner.
 
Thanks guys

No it is NOT brand new, what's gonna happen is:

Chinese Owner settle the property on the day

Yourself buy the property on the same day it settle

Chinese Owner need to pay CGT if they sell you more than what they originally paid for

Yourself need to pay full stamp duty as it is considered 2nd hand property

Even if you agree to buy the property now technically the Chinese owner is still the first owner as they signed the contract first with the developer, so they will settle their contract first, than you two exchange contract. This is a common tactic of speculation of the OTP contracts.

so the answer is NO you will not be eligible for FHOG because technically you are NOT the first owner.
 
Cut and paste from nsw osr web site:

......

What is a new home?
A new home is:

a home that has not been previously occupied, including occupation by the builder, a tenant or other occupant.

a home that has not been previously sold as a residence. Where the home is being purchased, it must be the first sale of that home

a home that has been substantially renovated and a home built to replace demolished premises.
 
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