From 1 July 2017 the NSW Government will introduce a long awaited range of new measures to assist first home buyers and housing affordability generally throughout NSW. Under current laws in NSW, first home buyers are only eligible for a stamp duty exemption on a purchase of a new home up to the value of $550,000 (and in the case of vacant land, a purchase up to the value of $350,000).
On 1 July 2017 major changes to the NSW stamp duty legislation, the Duties Act 1997, for new home buyers will include the following:- Abolishment of stamp duty on new homes up to the value of $650,000
- Reduction of stamp duty for new homes valued between $650,000 and $800,000
- Abolishment of Insurance duty payable on lender’s mortgage insurance
- Introduction of a $10,000 grant under the First Home Owners Grant (New Homes) Scheme for builders of new homes up to the value of $750,000 and purchasers of new homes up the value of $600,000
- You or your spouse (including your husband or wife or de facto partner) must not have previously owned residential property in Australia (either solely or with someone else)
- It must be the first time you or your spouse have received a grant in Australia
- At least one applicant (either you or your spouse) must be an Australian Citizen
- Each applicant must be a natural person. Companies, partnerships and persons acting in a trustee capacity are ineligible (unless the trustee is a guardian of a person under a legal disability, and the person with the legal disability will be occupying the home).
Madeleine is a Business Lawyer who works with the commercial group focusing on wills, power of attorney and guardianship appointments. Madeleine w.. Learn more about Madeleine Hunt
Madeleine Hunt Business Lawyer
