The NSW Government’s comprehensive package to improve housing affordability is focused on helping first home buyers, who often face stiff competition from investors.
For first home buyers, this comprehensive package will:
- abolish stamp duty on all homes up to $650,000
- give stamp duty relief for homes up to $800,000
- provide a $10,000 grant for builders of new homes up to $750,000 and purchasers of new homes up to $600,000
- abolish insurance duty on lenders’ mortgage insurance
- ensure foreign investors pay higher duties and land taxes
- no longer allow investors to defer paying stamp duty on off-the-plan purchases.
See www.nsw.gov.au for more details