The stamp duty concessions for first home buyers wanting to buy established homes will be scrapped by year end following a decision by the NSW State Government that was announced in the state budget.
Under the current legislation, first home buyers pay no stamp duty for properties under $500,000 and a discounted stamp duty is payable for those who purchase a property valued between $500,000 and $600,000.
From 1st January, stamp duty exemptions will only apply to those who purchase new homes or ones bought off the plan.
The government stated that whilst this measure will save them $1 billion over the next four years, it was primarily designed to stimulate the housing construction sector.
Agents are expecting first home buyers will be out in force over the next four months as they rush to purchase a place before this $18,000 saving runs out at year end.
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This is typical of a liberal/conservative government.Always out to get the little guy.
If it wasn’t for the labor government and their extravgant ways, then there wouldn’t have been a need to wind back this policy – no policy would have existed.