Yesterday the NSW government announced changes to Stamp Duty concessions for First Home Buyers as well as changes to the FHOG
For Contracts exchanged from 1 July 2017 first home buyers will receive a full stamp duty concession on purchasing a new or existing dwelling up to a value of $650,000. Partial concession will be available for purchases above $650,000 up to $800,000. Currently, the full concession is available on the purchase of new homes up to $550,000, with partial concessions up to $650,000
There is no mention of changes to the concessions for purchasing vacant land.
The First Home Owners Grant (FHOG) will also change from 1 July 2017.
Currently, a Grant of $10,000 is available for the purchase or construction of a new house or unit up to the value of $750,000
This will change to:
$10,000 FHOG for the purchase of a new dwelling up to a value of $600,000
$10,000 FHOG for the construction of a new home up to the value of $750,000.
Finally, in a move that may save home buyers requiring lenders mortgage insurance, the 9% stamp duty currently applying to LMI insurance premiums in NSW is to be abolished.
The current $5,000 building boost available to non-first home owners and investors building new homes will be abolished from 1 July 2017