Do you know a potential first home buyer who may benefit from the new transfer duty exemptions?
We have been hearing of parents who have been encouraging their children to enter the housing market by taking advantage of some new opportunities.
When GST was introduced it was intended that Transfer Duty (previously called Stamp Duty) would be abolished. Politics got in the way and that didn't happen, so Transfer Duty continues to be a big hit on homebuyers. To assist first home buyers the NSW government has now suspended until 1 August 2021 Transfer Duty for first home buyers on all newly-built homes below $800,000 with a sliding scale up to $1,000,000. The move is intended to support approximately 6,000 first home buyers while boosting construction and creating jobs amid the COVID-19 crisis. There is a similar suspension of Transfer Duty on vacant land up to $400,000 which will phase out at $500,000.
Anyone building a new home, might also be able to apply for an Australian Government grant of $25,000. To be eligible you must:
sign the contract between 4 June 2020 and 31 December 2020