Mudgee First Home Buyers may be interested to know that the NSW State Government has announced in the recent state budget that the first home buyers grant will be increased from $7,000 to $15,000 as of October 1st 2012. From January 1st 2014, the First Home Owners Grant will then be reduced to $10,000. This is welcome news for people entering the real estate market for the first time, however there is a catch.
The First Home Owners Grant will no longer apply for existing dwellings and will be focused directly on new dwellings. Therefore those who want to buy an existing home should take advantage of the current $7,000 grant on offer before it expires on September 30th 2012.
There have also been changes made to stamp duty concessions with full stamp duty concessions now only available for properties worth up to $550,000 (the current amount is $835,000). From $555,000 to $650,000, stamp duty concessions lessen by 1 percent for every $1,000.
Stamp duty concession for off-the-plan apartments and house and land packages will be scrapped in favour of a $5,000 payment to anyone who buys a newly constructed home and for vacant land purchases, stamp duty exemptions will apply for land valued up to $350,000, and concessions will apply up to $450,000.
The change in property concessions will likely encourage new home buyers to look to new homes over established ones and it has been brought in to help promote property development in NSW.
With all of the changes about to take place in property concessions, it’s important for first home buyers to think about their property needs and either wait for the new grant to come into place if they want to buy a new property, or make movements now if they’re interested in buying an established home.
If you’re a buyer and need assistance looking for homes in Mudgee please don’t hesitate to get in touch with us via our Professionals Mudgee Real Estate office.
If you would like to find out more about First Home Owner Benefits you research information released by the NSW State Government at www.osr.nsw.gov.au/benefits/first_home/.