This is a once in a lifetime benefit, so don't miss the opportunity. NSW state governments are implementing new schemes for stamp duty exemptions or discounts for first home buyers from 1 July 2023.
For first home buyers 2023
Don't miss this great opportunity to buy your first home and familiarize yourself with the benefits and implementation of regulatory changes for first home buyers in NSW. A new policy has been announced by the Australian government that will take effect on July 1st. Let's take a look at the NSW Government's announcement specifically for first home buyers. When you buy a home, you can get a discount or exemption from a tax called stamp duty. In the case of New South, you must pay a corresponding stamp duty tax of approximately 4 to 4.5% of the purchase price. That's a pretty hefty amount First-time home buyers are eligible for the Stamp Duty Waiver or Concession: To benefit from the First Home Buyer Assistance Scheme:
Eligibility
- The purchase must be for a new or existing home or vacant land in NSW.
- Property value must be within the standard amount.
- The purchase must be for the entire property.
- Must be an individual (not a company or trust).
- You must be 18 years of age or older.
- You and your spouse or partner must not have owned or jointly owned any residential property in Australia.
- You and your spouse or partner must not have previously received an exemption or benefit under this scheme.
- At least one first-time home buyer must be an Australian citizen or permanent resident.
- For new or existing homes, you must meet the requirements to live in the home.
Changes
Stem duty waiver for first home buyers increased from $650,000 to $800,000; stem duty discount increased from $800,000 to $1 million Adjusted. And the mandatory residency period for first-time homeowners has been extended from 6 months to 12 months. In other words, when purchasing a new house and a house that has been renovated for less than $ 800,000, the entire stamp duty is exempted. It's possible. In particular, it was not easy to find a property for sale under $650,000 in expensive places like Sydney, but now you can get a stem duty exemption of up to $800,000. This is quite welcome news for places like Sydney.
Houses
A home that has not previously been used as a residence or sold. Including substantially renovated homes. A house built to replace a demolished building. In addition, the stamp duty discount applied to sales from $ 800,000 to 1 million was also revised this time. In the case of a house package, the price subject to stamp duty exemption is full if the land value is less than $ 350,000. Exemption, stamp duty discount for land value between $350,000 and $450,000 Applies.