For most home buyers, stamp duty is usually the single largest upfront cost involved in buying a home outside of saving up the deposit. Recently, considerable changes have been made to encourage people to buy their own property, one is which is a First Home Buyer Assistance Scheme.
The NSW government has announced new cuts to stamp duty for first home buyers who purchase new and off-the-plan properties. It offers full or partial exemption on transfer duty for contracts entered into on or after 1 July 2017.
The FHBAS applies to purchases of existing homes, new homes, and vacant land on which you plan to build a home.
Full exemptions may be granted for homes valued at less than $650,000.
Concessional rates may be granted for homes valued between $650,000 and $800,000. The rate depends on the value of the home.
No transfer duty applies to vacant land valued at less than $350,000
Concessional rates may be granted for land valued between $350,000 and $450,000.
It is time for you to analyze your savings and cost using a stamp duty calculator in NSW and get rolling to buy your very first home with the help of the First Home Buyer Assistance Scheme.
Use our stamp duty calculator in NSW and get started today.
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