New Home Grant Scheme & Replacement of the First Home Owner Grant Scheme

Posted on July 4th, 2012

by Michael McGrath

Michael McGrath is an Associate Director at Mullane & Lindsay in Newcastle and specialises in Commercial & Property Law.

The NSW Government announced in its budget on 12 June 2012 introduction of the New Home Grant Scheme which applies to all buyers of new homes in NSW and also of important changes to the current First Home Owner Grant scheme.

From 1 July 2012, a new grant of $5,000.00 will be provided to buyers of new homes, whether off the plan of newly built, with a value up to $650,000.00 and to buyers of vacant land that is intended to be the site of a new home valued up to $450,000.00. The grant is available to all non-first home buyers and is available to investors as well as owner occupiers. Read the rest of this entry »

Free Stamp Duty, Time is Running Out

Posted on October 20th, 2011

By Robert Lindsay

Robert Lindsay is a Director at Mullane & Lindsay in Newcastle and leads our Commercial & Property Law team.

In the recent State Budget, the Treasurer announced that “First Home – New Home” will replace the First Home Plus scheme from 1 January 2012. As from that date, the existing scheme whereby all first home buyers purchasing for under $500,000.00 enjoy an exemption from stamp duty. After 1 January 2012, free Stamp Duty will be available to an eligible purchaser who is a natural person (ie not a company or trust) at least 18 years of age who has not and whose spouse / de facto spouse has not: Read the rest of this entry »

GUARANTEES: Security for lenders

Posted on October 13th, 2009

Published by Law Society of New South Wales

In a recent case, the court of appeal considered a case where a mortgage was varied, lengthening the term, increasing the principal and raising the interest rate, after the guarantors had resigned as directors of the company which had taken out the mortgage. The lender, who suffered a shortfall on the sale of the security, sought to recover from the guarantors.

The court concluded that the variations altered the nature of the guarantors’ obligations. By reason of the increase, the guarantors would have been exposed to a potentially greater risk of being called upon to meet a default by the company of its obligations under the mortgage, “even if their liability was limited to the original sum lent to the  company ($240,000) plus interest”.

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COMPULSORILY ACQUIRED LAND Claiming loss of profits

Posted on June 1st, 2009

Claims for compensation are often made not only by landowners but also by businesses which operate on acquired land.

Many state authorities have the power to compulsorily acquire land for public purposes. The law ensures that compensation is paid for the market value of the acquired land and for ‘disturbance’ to the dispossessed owner.

An ‘owner’, for the purposes of the law, means any person who has an “interest in the land“, which would include, in most cases, any business operating from the land with a lease or similar arrangement. Some public works may also have a short-term impact on a business’s profits.

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FIRST HOMEOWNER GRANT: Penalties if you don’t meet criteria

Posted on May 22nd, 2009

Current low interest rates and the increase in the government’s first homeowner grant to $21,000 for a new house purchase may be tempting, but you will have to repay the grant if you do not meet the eligibility criteria.

The residency requirement is that you move into the property within 12 months after completion and live there for a continuous period of six months. Read the rest of this entry »