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Government supporting First Home Buyers

Jul 7, 2020 10:22:09 AM

NSW Government has developed a brand new package to help and improve affordability of housing.

NEW PACKAGE SUPPORTING FIRST HOME BUYERS

NSW Government's package is aimed at generally improving housing affordability but to also help First Home Buyers, 

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.

 

Stamp duty relief

NSW Government is abolishing this duty on new and existing homes worth up to $650,000.

For properties valued at between $650,000 and $800,000, the duty concession will be gradually reduced.

Concessions on vacant land will remain unchanged.

 

First Home Owners Grant (New Homes)

First home buyers building a new property will be entitled to a $10,000 grant on homes worth up to $750,000.

First home buyers purchasing a new property worth up to $600,000 will be entitled to a $10,000 grant.

This policy aims to provide assistance to first home buyers and stimulate the construction of new dwellings.

The $5,000 New Home Grant Scheme, which was available to other buyers including investors, will be closed.

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