How Government Changes Are Helping NSW Home Buyers
Key Facts Regarding The NSW Government Housing Affordability Package
The NSW government housing affordability packages which activate from July 1 st have been designed to help first home buyers and also reduce costs for some developers. The new packages include benefits such as:
- Abolish stamp duty on all homes up to $650,000
- Give stamp duty relief for homes up to $800,000
- Provide a $10,000 grant for builders of new homes up to $750,000 and purchasers of new homes up to $600,000
- Abolish insurance duty on lenders’ mortgage insurance
- Ensure foreign investors pay higher duties and land taxes
- No longer allow investors to defer paying stamp duty on off-the- plan purchases.
These changes will make it easier for first home buyers to enter what is still a very competitive property market. While home loan rates remain at current record low levels, the news is positive for buyers and sellers. Perhaps now is the time to review your home loan with the view to better understanding your home loan opportunities.
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