Article 12 Aug, 20

Stamp duty scrapped: do you qualify?

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Stamp duty has long been pointed to as a key factor preventing people from buying a new home, or making it harder than it has to be.

However, there have been important changes to stamp duty rules, including a year-long exemption and heavy discounting, that mean home buyers can get into their dream property sooner.

Prime Minister Scott Morrison has introduced a number of stimulus packages, including HomeBuilder and the First Home Loan Deposit Scheme to help home hunters find a new address.

The NSW State Government is now playing its part also, following the announcement that stamp duty will be scrapped for first home buyers for one year for newly built properties worth up to $800,000, with significant discounts for homes priced up to $1 million.

The 12-month program is aimed at boosting the construction sector and regaining confidence in the property market. It also provides first home buyers with a great chance to get on the first rung of the property ladder.

NSW Premier Gladys Berejiklian said the move would allow more prospective buyers to get into their first home.

“Thousands of people will see their bank balances benefit from this change – it will help get more keys into more front doors of more new homes,” Ms Berejiklian said.

Get into your new home sooner.

 

What do you need to do?

The program will run for 12 months from August 1. The current stamp duty free threshold for first home buyers rises from the previous $650,000 to $800,000. Concessions will apply for homes valued from $800,001 to $1 million. 

The charges apply to newly built homes including off-the-plan purchases but not to existing homes.

Those looking for their first home can also access NSW’s First Home Owner Grant. This is available to those buying a new home valued at no more than $600,000

Accessing both these schemes could mean a first home buyer could save more than $32,000.

If you buy your new home from Toplace you could be eligible for these grants.

To view our current projects, click here, or for help in your search contact us here.

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