The NSW Home Builders Bonus (HBB)
The NSW Home Builders Bonus (HBB) has been introduced to stimulate the construction of new homes in NSW. HBB provides exemptions and concessions for certain purchases of new homes, homes off the plan and vacant land on which a new home will be built (New Housing Concession).
HBB also provides a specific exemption for eligible seniors purchasing a new home as their principal place of residence
(Seniors Principal Place of Residence Duty Exemption). The New Housing Concession provides a full exemption on transactions relating to vacant land and off the plan purchases where building has not commenced. A partial concession of 25 per cent of duty payable applies to completed new homes or off the plan purchases where construction has commenced. There is no limit to the number of new homes a person may purchase under this concession.
The Seniors Principal Place of Residence Duty Exemption provides a full exemption for eligible seniors purchasing a new home that is to be occupied as their principal place of residence. Applicants must be 65 or over and selling their current residence.
To be eligible for HBB the value of vacant land must not exceed $400 000 and new homes must not exceed $600 000.
The agreement for sale or transfer must be either a new home purchase, or off the plan purchase, or a vacant land purchase
A new home purchase is an agreement for the sale or transfer, or a transfer, of land that is the site of a new home that is complete and
ready for occupation.
An off the plan purchase is an agreement for the sale or transfer of land intended to be used as the site of a new home, which is to be built before completion of the agreement.
A vacant land purchase is an agreement for the sale or transfer, or a transfer, of vacant land that is intended to be used as the site of a new home and which is not an off the plan purchase.
Click here for more information, calculators, & application forms