NSW government helping first home buyers

Once a couple of years ago I had asked Matt Kean, MP, Minister for Innovation and Better Regulation, Liberal Member for Hornsby at a Diwali function in Parliament House mentioning that NSW government was making a lot of money on stamp duty so why not help first home buyers, his answer was, “This is just a temporary phase and the housing bubble will eventually die down.”

Obviously it felt as if the government wanted to pocket the money without giving any back to the people

The NSW Government recognises that first home buyers face increasing hurdles to get into the market, with rising prices, onerous deposits and competition from local and overseas investors. Under the NSW Government’s plan, from 1 July 2017 first home buyers will see:

• savings of up to $24,740 through the abolition of stamp duty for all new and existing homes up to $650,000, with stamp duty discounts for homes up to $800,000;

• a $10,000 First Home Owners Grant will be available to builders of new properties worth up to $750,000 and purchasers of new properties worth up to $600,000;

• savings of about $2,900 on the purchase of an $800,000 home through the abolition of insurance duty on lenders’ mortgage insurance;

• a doubling of the foreign investor surcharge from four per cent to eight per cent on stamp duty and a rise from 0.75 per cent to 2 per cent on land tax;

• the abolition of the off-the-plan transfer duty concession for residential purchases by investors.

Short URL: https://indiandownunder.com.au/?p=9096

Posted by on Jun 22 2017. Filed under Uncategorized. You can follow any responses to this entry through the RSS 2.0. Both comments and pings are currently closed.

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