NSW property law & stamp duty changes
Under the NSW Home Builder’s Bonus, from July 1, 2010:
Pre-construction stage Stamp duty
• Stamp duty will be cut to zero for off-the-plan home purchases worth up to $600,000 – a saving of up to $22,490.
• The zero stamp duty will only apply prior to any construction commencing on house and land packages or new apartments.
Under construction stamp duty
• Stamp duty will be cut by 25 per cent for people buying a newly-constructed home worth up to $600,000 – a saving up to $5,623.
• The 25 per cent stamp duty cut applies to home purchases made at any time during the construction period, or at completion.
First home buyers NSW
• First home buyers will also be eligible for these stamp duty cuts, giving them total benefits of up to $29,490
• They will still be able to access the NSW Government-funded $7000 First Home Owners Grant as well as the NSW Home Builder’s Bonus.
• Stamp duty for people aged over 65 will be cut to zero when they purchase a newly-constructed home worth up to $600,000 – a saving up to $22,490.
• This will only apply to people aged over 65 selling their primary place of residence and moving to a newly-constructed home, to encourage down-sizing and to encourage the regeneration of the state’s housing stock.
Get all the information on thes changes to the property sector in our 2 pdf files uploaded here
Thanks to : http://kpdn.com.au/
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