Purchase Your Dream Apartment & discover How To Maximise The Benefits of the Off-The-Plan Concession
No matter how many properties you own – whether you’re buying your first home or have already established a portfolio – savvy buyers are always looking for incentives to help make their money go further. While the East Coast property market teeters on the precipice of the one-two sucker punch of potential bubble burst and continually rising purchase prices, CoreLogic has highlighted Adelaide’s metropolitan area as home to some of the best value and best lifestyle options available in the country.
Let’s have a look at what buying Off The Plan can offer you.
What does buying Off The Plan mean?
Purchasing off the plan is relevant to apartment buildings in South Australia. It means that your purchase is made before the building has been physically completed. Since 2016, the Off The Plan Concession has applied not only to apartments built within the CBD but across the whole of South Australia. It is a Government based incentive to encourage investment in newly developed buildings by reducing stamp duty costs by as much as $15,500.
What are the benefits?
This concession provides a significant reduction in the amount of stamp duty on your purchase. Any incentive to reduce your upfront costs, as well as save you on your long term repayments, is absolutely worth taking advantage of.
How do I apply?
You can apply for the concession even after you have purchased your Off-The-Plan apartment. Applicants are required to complete the Application for Stamp Duty Concession on the Purchase of an Off-the-Plan Apartment and submit it to RevenueSA for processing. If you require more information, contact Revenue SA directly.
