Good news for First Home Buyers

New legislation to be introduced by the NSW Government on 1 July 2023 is going to reduce the cost for first home buyers entering the market.

At the moment First Home Buyers who purchase for under $650,000 have stamp duty waived with a discounted rate up to $800,000.

Under the new policy the waiver will apply up to properties valued at $800,000 with discounted rates up to a property value of $1,000,000. This can potentially save first home buyers purchasing at $800,000 up to $31,090.

Other changes to note:

• the Government will also be scrapping the First Home Buyer Choice Scheme meaning purchasers can no longer opt to pay an annual property tax in lieu of the upfront Stamp Duty

• the requirement to live in the property will be increased from 6 months in the first 12 months to a total of 12 months

If you'd like to understand how these changes will impact you please reach our to our brokers Sid and Rebecca on 02 9742 3553 or email to rebecca@sattouts.com.au.