First home buyers who purchase a property worth up to $1million will save thousands on stamp duty costs under the new NSW government scheme.
In changes announced today by NSW Treasurer Dominic Perrottet to stamp duty threshold, stamp duty will be waived for homes up to $800,000 and discounted up to $1 million from 1 August this year. The previous limit was $650,000.
“It’s the great Australian dream to buy your first home and we want to get as many young families into the housing market as possible,” Mr Perrottet said today.
He said the changes, as part of the state government’s COVID-19 response plan, would also save first home buyers stamp duty of up to $31,335 on a new $800,000 home.
The NSW government has predicated thousands of first-time homebuyers could benefit from the scheme.
It will also continue to offer a $10,000 First Home Owner Grant, which is available to people buying a new first home worth no more than $600,000, or buying land and building a new first home worth no more than $750,000 in total.
This means the maximum amount of benefit a homeowner could be entitled to is $32,335 if purchasing a new home and accessing the grant.
Under the changes, the stamp duty threshold on vacant land will rise from $350,000 to $400,000 and will phase out at $500,000.
Original article by 9News.
For buyers dipping a toe into the pool of real estate in Australia for the first time, choosing just one property from the vast array of homes on offer can be an exciting experience. From a dreamy bungalow in Cairns to a glamorous townhouse in Sydney or Melbourne, the options … Read more
The ultimate checklist to paying back your home! 1. Make extra repayments Making consistent and ad-hoc extra repayments like bonuses and tax returns reduces the principal on your mortgage faster. The sooner you start making extra repayments, the more time and money you save. 2. Make your first repayment on … Read more