NSW HOUSING CONSTRUCTION ACCELERATION PLAN (HCAP)

The NSW 2009 State Budget announced the introduction of the HCAP scheme which is aimed at encouraging investment in new free standing houses and units.

HCAP is eligible to all purchasers of a new residential dwelling of less than $600,000 in value and entitles them to a 50% reduction in stamp duty. There is no limit on the number of new homes a person can purchase under HCAP.

Contracts entered into after 1 July 2009 and before 1 January 2010 will be eligible for the 50% discount.

HCAP is applicable to all new homes or units and includes vacant land where the contract specifies that a new residential dwelling will be built and completed prior to 30 June 2011.