By Maria Bekiaris,
, July 2010
There has never been a better time to buy a new home in NSW. The NSW Home Builders’ Bonus, announced in the NSW Budget, gives all home buyers and investors (not just first home buyers) a range of stamp duty cuts.
From July 1, 2010 anyone buying an off-the-plan home worth up to $600,000 will pay zero stamp duty – a saving of up to $22,490. This will only apply if you buy the home before any construction has started.
If you are buying a newly constructed home worth up to $600,000 you’ll get a 25% stamp duty cut – representing a saving of up to $5623. This applies if you buy the home at any time during the construction period or at completion. “Empty nesters” may be eligible for a bigger discount. Those over 65 who sell the family home and downsize to a newly constructed home worth up to $600,000 will pay zero stamp duty. The NSW Home Builders’ Bonus will run for two years. And don’t forget if you’re a first home buyer in another state you may also be eligible for a stamp duty concession. You’ll need to contact your state or territory Office of State Revenue for details.
For more on property, see Money in July. Out now.
Money Magazine's July 2010 issue is out now. Subscribe now.