The New South Wales Government recently announced that a new package for first home owners will take effect from the 1 July 2017. The announcements were made in response to the growing concern over housing affordability in NSW.
The package provides that first home owners will be eligible to apply for the following:
- A $10,000.00 grant for builders of new homes up to $750,000 and purchasers of new homes up to $600,000;
- Exemption of stamp duty for purchases up to $650,000.00;
- Stamp duty relief on purchasers up to $800,000.00.
There are also provisions for foreign investors to pay higher duties and land taxes in an effort to assist new home owners to get into the market.
