NSW Government’s housing affordability reforms for First Home Buyers
The NSW Government has announced a long waited and far reaching comprehensive package of measures to support housing affordability for the first home buyers by providing stamp duty exemptions and concessions to boost housing supply and deliver infrastructure required for growing communities across the State.
The reform initiations, effective from 1 July 2017, includes:
• Abolishing all stamp duty for first home buyers on existing and new homes up to $650,000 saving up to $24,740.
• Stamp duty concession for homes above $650,000 and up to $800,000
• Abolishing the stamp duty on lenders’ mortgage insurance aving of around $2,900 on an $800,000 property
• Doubling the foreign investor surcharge from 4% to 8% on stamp duty and 0.75% to 2% on land tax
• Removing stamp duty concessions for investors purchasing off the plan
• Committing $3 Billions in infrastructure funding to accelerate the delivery of new housing
• Fast-track approvals for well-designed terraces, townhouses, manor homes and dual occupancy homes
• Use of independent panels for Councils in Sydney and in some regional areas ensuring DA are done efficiently
To find out more about how the new stamp duty changes may affect you as a property investor, or to discuss financing options, please feel free to get in touch with me today.