The NSW government announced today changes in benefits to first home buyers to assist them in getting into the established home market. Now stamp duty exemptions are available on established homes as well as nerw property. The benefits for first home buyers could be up to $34,360.
Premier Gladys Berejiklian, Treasurer Dominic Perrottet and Minister for Planning and Housing Anthony Roberts announced the far reaching changes on Thursday which could save first homebuyers up to $34,360. The package includes:
Abolishing all stamp duty for first homebuyers on existing and new homes up to $650,000 and stamp duty discounts up to $800,000. These changes, to be introduced on July 1 2017, will provide savings of up to $24,740 for first homebuyers;
Abolishing the stamp duty charged on lenders’ mortgage insurance, which is often required by banks to lend to first homebuyers with limited deposits, providing a saving of around $2,900 on an $800,000 property;
Doubling the foreign investor surcharge from 4 per cent to 8 per cent on stamp duty and 0.75 per cent to 2 per cent on land tax;
Removing stamp duty concessions for investors purchasing off the plan;
Committing $3 billion in infrastructure funding from Government, councils and developers to accelerate the delivery of new housing;
Fast-track approvals for well-designed terraces, townhouses, manor homes and dual occupancy by expanding complying development to include these dwelling types;
Greater use of independent panels for Councils in Sydney and in some regional areas to ensure development applications are done efficiently and to ensure the integrity of the planning process; and
Measures to maintain the local character of communities.
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