Helping put First Home Buyers back in the Game.
Yesterday the State Government announced changes to the Stamp Duty provisions for First Home Buyers for contracts exchanged on or after the 1st of July 2017.
The changes will abolish all Stamp Duty for First Home Buyers on NEW and EXISTING homes up to $650,000 as well as discounts up to $800,000. These changes are expected to provide savings of up to $24,740 for first home buyers.
They are also abolishing Stamp Duty charged on Lenders Mortgage Insurance which is often required by lenders when lending to First Home Buyers. This could save up to $2,900 in addition to the Stamp Duty Concessions.
If you would like any more information on how this may benefit you, please contact us.