The Regional Relocation (Home Buyers Grant) Act 2011 will operate for four years, commencing 1 July 2011.

The scheme will provide applicants with a one-off payment of $7,000 to assist them with the cost of relocating from their metropolitan home to a regional home.

The metropolitan area means the local government areas of the Sydney metropolitan area, Blue Mountains, Hawkesbury, Gosford, Wyong, Wollondilly, Wollongong and Newcastle. The regional areas are participating local government areas which are located outside of the metropolitan area.

Eligibility Requirements

To be eligible for the $7,000 Regional Relocation Grant, the following criteria apply:

• All applicants must be natural persons and must not purchase the regional home in his or her capacity as trustee.
• At least one applicant must be an Australian citizen or permanent resident as at the completion date of the regional home purchase
• All applicants must have entered into an agreement to purchase a home within a regional area, on or after 1 July 2011 and on or before 30 June 2015
• All applicants must have owned and occupied the metropolitan home as their principal place of residence within 12 months before the commencement date (contract exchange date) of the regional home purchase
• The consideration for the purchase or the unencumbered value of the regional home must not exceed $600 000
• All applicants must sell the metropolitan home either before or within 12 months after the completion date of the regional home purchase
• All applicants must occupy the regional home as their principal place of residence for at least 12 continuous months commencing within 12 months after the completion date of the regional home purchase
• An applicant must not have received an earlier grant under the Regional Relocation (Home Buyers Grant) Act 2011.

For a full list of prescribed metropolitan areas follow this link: http://www.osr.nsw.gov.au/benefits/rrg/council

Courtesy of Office of State Revenue