Australia Property $30k Boost27 July 2020 by News Desk
Australia Property buyers could save $30,000 with the axe on stamp duty down under.
First-time buyers in New South Wales can benefit from the state government announcement to temporarily axe stamp duty on new homes under $800,000 for first home buyers.
NSW Premier Gladys Berejiklian said the initiative is expected to help over 6000 first home buyers to save thousands of dollars.
“Thousands of people seeking Australia Property will benefit from this change – it will help get more keys into more front doors of more new homes,” Ms Berejiklian said.
“It will also boost housing construction across NSW and support jobs in the building industry.”
The threshold for stamp duty charged on new homes for first time buyers will rise from the current $650,000 to $800,000 and phase out at $1 million. The stamp duty threshold on vacant land will also rise from $350,000 to $400,000 and will stop out at $500,000.
The change to the thresholds will only apply to newly-built homes and vacant land, not to existing homes, and will last for 12-months, starting on August 1.
The state will also continue to offer a $10,000 first homeowner grant, which is available to people buying a new first home worth no more than $600,000, or buying land and building a new first home worth no more than $750,000.
The maximum benefit a homeowner could be entitled to is now $32,335 if purchasing a new home and accessing the grant.
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