August 12, 2014
Recently a client asked about the New South Wales First Home Owner benefits.
Stamp Duty exemptions are available on brand new properties for eligible first home buyers valued up to $550,000 and concessions for new homes valued between $550,000 and $650,000.
On a new home purchase valued at $550,000 there could be saving of $20,000+ in stamp duty for a first home buyer.
There is a First Home New Home Calculator on the NSW Office of State Revenue (OSR) website which will assist in determining the stamp duty payable.
In addition to the stamp duty exemption/concession there is a NSW First Home Owner Grant of $15,000 for eligible first home buyers for the purchase of new residential property to a maximum purchase price of $750,000.
As the purchase property must be brand new, my first home buyers on the Northern Beaches have limitations on the availability of property that would qualify. After taking a look at realestate.com.au there is new property available in Warriewood and Narrabeen which would qualify for both the stamp duty concession/exemption and the NSW First Home Owner Grant.