Stamp Duty discounts for NSW First Home Buyers

June 07, 2017
Phil Wheatley

Is this just another announcement from another government, or will it add real value to First Home Buyers, read on and find out, …………

When governments announce initiatives many people think, “ho-hum” another announcement that doesn’t impact me or provide any benefit.

When the NSW Government announced changes to the Stamp Duty for First Home Owners recently many people thought here we go again another tweak around the edges.

Don’t get me wrong the changes certainly don’t and won’t benefit all First Home Buyers, however for those purchasing their first property at $650,000 or below this is certainly a huge leg up.  Ultimately a saving up to $24,740.00!!!!

As a broker in the Sutherland Shire over the last few years I’ve only ever had clients take advantage of the First Home Buyers grants when building new homes in regional areas or buying units off the plan again in major regional areas.

So, on the Tuesday following the announcement we hit the phones calling all First Home Owner clients who we had recently met to ensure they were aware of the announcement.   A client I had spoken to no more than 2 weeks ago who previously didn’t quite have sufficient deposit to purchase a house in the South West of Sydney was now in a position to proceed with an application and this weekend are out looking at several properties.

Now that’s a result and an immediate impact of the NSW Government’s adjustments to Stamp Duty for First Home Buyers which will take effect from the 1st July 2017.

 

Other Changes,

A $10,000 grant for builders of new homes up to $600,000.

The government has also announced the insurance duty on lender’s mortgage insurance will be abolished.

 

Investors
Investors will no longer be able to delay paying off stamp duty on off-the-plan properties. Previously, investors were able to defer payment on stamp duty for a period of up to 12 months.

So if you’re a first home buyer looking to see whether the above changes benefit you, why not give Mortgage Choice Menai a call on (02) 9541 1477 and we can assist you with all your loan enquiries.

 

 

 

Posted in: First home buyers

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