Bathurst Blog

First Home Buyers & Stamp Duty

Exciting news to come out of the 2017 Budget - especially if you're a first home buyer. And here's why...

First home buyers in NSW could save up to $34,000 under the Government's new suite of housing affordability measures. The measures which are designed to support first home buyers, provide stamp duty exemptions which make it easier to enter the housing market. 

Theses measures include:

  • Abolishing stamp duty for first home buyers on existing and new homes up to $650,000 and introducing stamp duty discounts for properties worth up to $800,000
  • Scrapping stamp duty charged on lenders mortgage insurance when it is required for first home buyers with limited deposits
  • Doubling the foreign investor surcharge from 4 to 8 per cent on stamp duty — overseas buyers will also pay a 2 percent surcharge on land tax.
  • Local investors purchasing off-the-plan properties will no longer be able to access stamp duty concessions.

Other changes announced include new policies designed to boost the housing supply and making it easier for first home owners to compete with investors in the marketplace.

The changes are set to come into effect on July 1st 2017. If you're a first home buyer this is your competitive edge to bidding against investors.

The $10,000 First Home Owners Grant is still available for eligible buyers as well so there may not be a better time to consider a property purchase if either you or someone you know, are considering first-time home ownership. 

If you're a first home buyer, or keen to enter the market and aren't sure where to start, contact us at Raine & Horne. Our team of property specialists are here to answer any questions, big or small. 

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