First Home Buyers Fact Sheet

07 Jun 2017

FIRST HOME BUYERS FACT SHEET

The NSW Government has announced new measures to improve housing affordability for first home buyers that will take effect from 1 July 2017.

Stamp Duty

  • Will be abolished for new and existing homes valued up to $650,000.00.
  • Discounted for properties valued between $650,000.00 and $800,000.00.
  • No change to concessions on vacant land.
  • Stamp duty concessions that allow for the 12-month deferral of stamp duty when purchasing off-the-plan property will be removed for investors.
  • Buyers purchasing a home they plan to live in will still have access to the concession.

Insurance Duty

  • Lender’s mortgage insurance (imposed at 9% of the premium) will be abolished.

Foreign Investor Surcharge

  • on the purchase of residential property will be increased from

-       4% to 8% on stamp duty

-       0.75% to 2% on land tax

  • Foreign developers will be exempt from these increased surcharges

Grants

  • $10,000.00 First Home Owners Grant available to:

-       builders of new properties valued up to $750,000.00

-       purchasers of new properties valued up to $600,000.00

  • $5,000.00 New Home Grant Scheme which was available to all other buyers (including investors) will now be closed.

 

 

Disclaimer. This publication contains general information which may not suit your particular needs or circumstances. Webb and Boland Lawyers strives to ensure that the information in this publication is accurate and up-to-date, but does not represent or guarantee that it is accurate, reliable, current, complete or suitable. The information in this publication is not legal or other professional advice. To the maximum extent permitted by law, Webb and Boland Lawyers excludes liability for any loss, however caused (including by negligence), relating to or arising directly or indirectly from using or relying on any content in this publication.


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