The NSW state government has recently announced changes to improve housing affordability in the state, including scrapping stamp duty for first homebuyers of existing homes.
Under the new changes, first homebuyers will be exempt from paying stamp duty on new or existing homes up to the value of $650,000. A stamp duty discount will also apply for homes up to $800,000.
Previously only new homes under $550,000 were eligible for the stamp duty exemption.
As well as the changes in stamp duty, insurance duty on LMI will be abolished. The government will also provide a $10,000 grant for builders of new homes up to $750,000 and purchases of new homes up to $600,000.
Meanwhile, changes have also been made to help first homeowners compete with investors. Stamp duty concessions for residential properties bought off the plan will no longer be available, neither will the ability for investors to defer payment of stamp duty for 12 months. The $5000 new home grant scheme will also be abolished.
The new housing measures will take effect from 1 July this year.
These new changes will help first homebuyers enter the market sooner and provide them with more options, particularly now that stamp duty exemptions will apply to the purchase of existing properties.
This will allow first homebuyers in Mudgee to save when buying an established property in the region, which can be considerably cheaper than a brand new home.
For further information on the latest housing grants and schemes, visit www.osr.nsw.gov.au/grants.
To view properties for sale in Mudgee visit professionalsmudgee.com.au.