50% stamp duty cut for new homes until 31 December
Wed, 07/01/2009 - 15:47
50% stamp duty cut for new homes
People buying newly-constructed properties valued up to $600,000 will now get a 50 per cent stamp duty cut in a massive stimulus boost to the state’s housing sector announced in the NSW Budget.
The stamp duty cut is worth up to $11,245 per dwelling as the NSW Government targets a housing stimulus to people outside the first home buyer market, including investors, to stimulate the construction and purchase of new properties.
The NSW Housing Construction Acceleration Plan is a $64 million targeted Budget stimulus initiative which will run for at least six months, to be reviewed on 31 December 2009.
Visit the Home Buyer website to find out how you can benefit.
The initiative will stimulate the NSW housing market and the property development industry by encouraging people buying property to consider buying a newly constructed property.
In a separate and further commitment to first home buyers, the NSW Government has extended the $3000 first home buyer supplement for newly-constructed homes, announced last November, until at least the end of June 2010.
March, April and May this year saw consecutive records for the number of first home buyers receiving grants with a total of 20,603 first home buyers receiving more than $500 million in grants and stamp duty concession in those three months alone from both the NSW Government and the Commonwealth.
Current total benefits available to first home buyers in NSW are:
NSW First Home Owner Grant
New homes: $7,000
Existing homes: $7,000
First Home Owner Boost (Federal grant which reduces on October 1 and scheduled to end December 31)
New homes: $14,000
Existing homes: $7,000
NSW New Home Buyers Supplement (extended in NSW Budget until June 30, 2010)
New homes: $3,000
Total grants available
New homes: $24,000
Existing homes: $14,000
Total first home benefits
New homes: Up to $41,990
Existing homes: Up to $31,990
For further information, contact the Office of State Revenue: www.osr.nsw.gov.au or by calling 1300 130 624.