The NSW Government will be introducing a range of measures to support first home buyers from 1 July 2017.
NSW will scrap stamp duty for first home buyers on existing homes up to $650,000 from July 1 and increase the threshold for new homes to the same level. For properties up to $650,000, you may be eligible for a complete exemption of stamp duty, and otherwise there is sliding scale up to $800,000.
Currently, first home buyers are only exempt from stamp duty on new homes up to $550,000. They can also get a reduced rate stamp duty for new homes up to $650,000.
In summary of the savings can be found below:
If you are a first home buyer and need conveyancing services or are looking for a quote on conveyancing services, we offer fixed fee conveyancing which is discounted for first home buyers. At The Norton Law Group we also offer free contract reviews.
Call us on 95606 6811 or forward an email to conveyancing@thenortonlawgroup.com.au to see how we can help you purchase a property at affordable fees.
Author: Alexandra Chisari, Lawyer, Property Law & Conveyancing
Service: Property Law
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