First Home Buyers Assistance Scheme (NSW) - July 2017
In an effort to support first home buyers, the NSW government has introduced the First Home Buyers Assistance scheme. As at July 1st 2017, if you are a first home buyer you may not have to pay stamp duty on your home.
Stamp duty facts:
- Stamp duty has been abolished for properties $650,000 and under
- Purchases between $650,000 & $800,000 will attract reduced stamp duty on a sliding scale
- This applies to both new and existing properties, that are owner occupied
Sample stamp duty amounts under the new 2017 scheme
|Property price||Stamp duty from 1 July 2017||Savings|
|$650,000 or lower||$0||$24,740|
Insurance duty on LMI abolished
In addition to the stamp duty changes above, insurance duty (previously 9% of the premium) on lenders' mortgage insurance (LMI) has been abolished for all home buyers (whether first home buyers or not).
Additional criteria may apply, for more information: contact your Loan Market broker