Upcoming Changes to the First Home Plus Scheme

Changes to the First Home Plus Scheme (‘FHPS’) are due to take effect from 2012, with the FHPS to be replaced by the First Home – New Home Scheme (‘FHNHS’). Although your conveyancer can provide you with useful information about the changes to the scheme, we take a quick look at the changes and how they will affect home buyers in this article.

What’s the First Home Plus Scheme?

While the FHOGS provides a direct grant that in effect subsidises the cost of purchasing a home, the FHPS was established to provide exemptions or concessions on transfer duty (stamp duty) to first time home buyers. Along with residential dwellings, buyers who purchase land on which to build their first home can also claim under the FHPS.

Under the existing FHPS, which is in effect up until December 31, 2011:

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