On 1 June 2017 the NSW Government announced a package of measures to help First Home Buyers enter the property market including:
- Abolishing stamp duty for first home buyers on existing and new homes up to $650,000.00 and stamp duty discounts up to $800,000.00
- Abolishing stamp duty charged on lenders’ mortgage insurance
- Doubling the foreigh investor surcharge from 4% to 8% on stamp duty
- Removing stamp duty concessions for investors purchasing off the plan
- Committing $3 billion in infraastructure funding from Government, Councils and Developers to acceleratew the delivery of new housing
- Fast-track approvals for well-designed terraces, townhouses, manor homes and dual occupancy by expanding comlying development to include these dwelling types
- Greater use of independent panels for Councils in Sydney and in some regional areas to ensure development application sare done efficiently and to measure the inegrity of the planning process
- Measures to maintain the local character of communities
The existing First Home Benefits are:
- $10,000 First Home Owner Grant (New Homes) is available where the eligible transaction commencement date is on or after 1 January 2016 and the eligible transaction is for the purchase or construction of a new home
- The First Home—New Home Scheme provides eligible purchasers with exemptions on transfer duty on new homes valued up to $550,000 and concessions on duty for new homes valued between $550,000 and $650,000.
Call us today to discuss your eligibility for the Office of State Revenue Grants and Concessions