Stamp duty update for first home buyers
Finally some breaking news that is worthy of paying attention too.
The government have put a new comprehensive package into place from the 1st July 2017 to help first home buyers enter the market. For a long time now, first home buyers have struggled to purchase an existing home due to all of the fees they need to pay in addition to saving for the deposit itself.
The comprehensive package will come into affect on all contracts exchanged after the 1st July 2017, anything exchanged prior to this date will still be eligible for the grants and concessions in all current schemes.
The following changes will not only benefit the first home buyer by increasing the grants and concession available but this in turn will have a knock on affect within the housing market as we will see an increase in the supply of houses plus an increase in infrastructure within local communities. This really is a win win situation.
The benefits include:
- abolishing stamp duty for first home buyers on the purchase of an existing home up to the value of $650,000
- stamp duty relief for existing homes up to the value of $800,000
- provide a $10,000 grant for builders of new homes up to $750,000 and purchasers of new homes up to $600,000
- abolish insurance duty on lenders mortgage insurance
- ensure foreign investors pay higher duties and land taxes
- no longer allow investors to defer paying stamp duty on off-the-plan purchases.
Please note that there will be no change to the concessions offered on vacant land.
For more detailed information on these changes and examples of how much you could save, please refer to osr.nsw.gov.au or alternatively give us a call on 4910 0522 and one of our knowledgeable team members can assist you.
Remember if you are looking to purchase or sell your home, we are here to help.