First Home Buyers Fact Sheet
07 Jun 2017
The NSW Government has announced new measures to improve housing affordability for first home buyers that will take effect from 1 July 2017.
- Will be abolished for new and existing homes valued up to $650,000.00.
- Discounted for properties valued between $650,000.00 and $800,000.00.
- No change to concessions on vacant land.
- Stamp duty concessions that allow for the 12-month deferral of stamp duty when purchasing off-the-plan property will be removed for investors.
- Buyers purchasing a home they plan to live in will still have access to the concession.
- Lender’s mortgage insurance (imposed at 9% of the premium) will be abolished.
Foreign Investor Surcharge
- on the purchase of residential property will be increased from
- 4% to 8% on stamp duty
- 0.75% to 2% on land tax
- Foreign developers will be exempt from these increased surcharges
- $10,000.00 First Home Owners Grant available to:
- builders of new properties valued up to $750,000.00
- purchasers of new properties valued up to $600,000.00
- $5,000.00 New Home Grant Scheme which was available to all other buyers (including investors) will now be closed.
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