NSW Stamp Duty Changes – What First Home Buyers Need To Know

The NSW Government recently announced that it will be cutting out stamp duty exemptions for first home buyers purchasing established homes as at the 1st of January next year (2012).

This news serves as a reminder to first home buyers that if they want to be eligible for the exemption, that they might want to start doing some serious thinking about buying a home. With savings of up to $17,990 for a $500,000 home available to eligible buyers, there’s significant reason to get in now.

Although the first home owner’s grant of $7,000 will still be available after January 1st 2012, any first home buyer purchasing an existing home will have to pay stamp duty fees. First home buyers purchasing a new dwelling after January 1st will still be eligible to apply for the stamp duty exemption, which will probably spark an in crease in new home sales to first home buyers in the New Year, leaving existing homes for non-first home buyers. The problem with this is that existing homes are often cheaper than new homes, so affordability will likely be a contributing factor to the property market in early 2012.
If you have family or friends who you know are thinking about purchasing their first home soon, then make sure they are aware of the stamp duty changes, as they could be missing out on huge savings if they don’t act soon. We’re always here for a chat if you want to know more about established homes for sale in Mudgee.

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