Tuesday, June 06 2017
First Home buyers of properties valued up to $650,000.00 will now be eligible for a 100% exemption from Stamp Duty for both new and existing homes as a result of changes recently announced by the New South Wales Government.
Previously, this exemption was only available for brand new homes valued up to $550,000.00. This amounts to a saving of $24,760.00 for the buyer of a home at the top of the threshold.
The changes announced also include a reduction in Stamp Duty for new and existing homes valued between $650,000.00 and $800,000.00.
The changes will apply to Contracts dated on or after July 1, 2017 and will hopefully make the goal of owning a home more achievable for some first home buyers.