In an effort to address housing affordability in New South Wales, the State government has today announced a number of changes to help first home buyers.
First Home Buyers
As part of the proposed changes, stamp duty will be scrapped on all homes up to $650,000, saving buyers up to $24,740. First home buyers will also receive discounts on stamp duty for purchases up to $800,000.
The changes, effective 1st July 2017, also include a $10,000 grant for builders of new homes up to $750,000 and purchases of new homes up to $600,000.
The government has also announced the insurance duty on lender’s mortgage insurance will be abolished.