In NSW the State Government has announced a number of changes to assist first buyers in a hope to address the housing affordability.
First Home Buyers
Part of the proposed changes is that stamp duty will be scrapped on all homes up to the value of $650,000 which will save buyers up to $24,750. The changes will also include a $10,000 grant for builders of new homes up to $600,000. The Government also announced the abolishment of the insurance duty on lender’s mortgage insurance. The changes are effective as of 1st July 2017.
The Government has also announced proposed changes to investment lending policies. Under the changes investors will no longer be able to delay paying stamp duty on off-the-plan properties. Previously investors have been able to defer the payment for stamp duty for a period of up to 12 months.
The State Government has also put forward some proposed changes to foreign investment lending. In a bid to slow foreign investors the government announced higher surcharges which included doubling the stamp duty paid on new purchases. However, foreign developers will be exempt from the increased surcharges.
If you’re a first home buyer or an investor and you would like to find out more about the State government’s proposed changes and how they may impact you and your property ambitions, phone our office today on 07 5508 2205.