First home buyers celebrateWords by Assemble
August 6, 2018
For anyone aspiring to buy their first home in Melbourne, the outlook has been bleak. Recent research found a solo first home buyer needs to save for almost a decade to amass a 10% home deposit.
We’re thrilled to announce zero stamp duty and First Home Owners Grant qualification for first home buyers under the Assemble Model.
Following further work with our legal team, we’re pleased to announce that the Assemble Model is now compatible with:
• Off-The-Plan (OTP) concession
• First Home Buyer (FHB) duty exemption
• Principal Place of Residence (PPR) duty concession
• First Home Owner Grant (FHOG)
We are excited that these changes will further improve the affordability of the Assemble Model. Let us explain in more detail.
How it works
If successful in the ballot for an apartment at an Assemble project, you will enter into a contract of sale which will be terminable by you at any point after the first 12 months of the lease term (as the contract of sale automatically terminates if the lease is ended).
The contract of sale gives you the right, but not the obligation, to purchase the apartment at the end of the lease term.
By entering into the contract of sale prior to construction commencing, you may be eligible for the OTP concession.
FHB Duty Exemption & PPR Duty Concession
As a result, if you are a first home buyer and are eligible for the FHB duty exemption you will pay zero stamp duty if you decide to purchase the apartment at the end of the lease term. If you are a home buyer (who has bought previously) and are eligible for the PPR duty concession you will pay a reduced rate of stamp duty if you decide to purchase the apartment at the end of the lease term.
In addition, if you are a first home buyer and are eligible for the FHOG you will receive $10,000 if you decide to purchase an apartment with a purchase price less than $750,000 at the end of the lease term.
Interested in taking advantage of these first home buyer benefits under the Assemble Model? Click here to keep updated regarding our future projects.
If you have any queries, please feel free to get in touch with us via – [email protected] or 1300 181 295.