Stamp Duty Abolished for First Home Buyers in NSW
From 1st July 2017 the NSW Government has abolished stamp duty for first home buyers, but only in certain scenarios...
This is very welcome news, as Sydney has been deemed un-affordable for many first home buyers.
On a property purchase of $650,000 a First Home Buyer could save up to $24,740 - that really helps millennial's enter the property market.
There are savings on properties between $650,000 and $800,000 though the savings reduces as the property price goes up the ladder.
We have discussed "LMI" in other articles, but in related news First Home Buyers will be exempt from the 9% fee the lender imposes on the borrower (you)
So in total, First Home Buyers with a deposit of $50,000 on a $650,000 home could save up to $26,857.
If you are building a new home in NSW First Home Buyers will receive a $10,000 grant on homes up to $750,000, and any purchase up to $600,000 will also get a $10,000 grant.
There are many benefits available to First Home Buyers, speak to Skyward Financial who can help navigate the process for you.