Chat with us, powered by LiveChat

The New South Wales Government is abolishing stamp duty for dwellings purchased off the plan.

The tax cut is the centrepiece of the state’s budget, handed down today.

From July 1, stamp duty will be eliminated for the next two years for any purchasers buying a home worth up to $600,000, before construction has started.

Eric Roozendaal says that is a saving of up to $22,490.

“Project financing can be a hurdle to new home construction, especially for apartments,” he said.

“So by helping people to buy off-the-plan and to buy early, we are giving builders a better chance of securing project finance.”

A 25 per cent stamp duty discount will apply to homes under construction or newly-completed worth up to $600,000.

Stamp duty will also be eliminated for the next two years for over-65s who sell their home to move into a newly-built dwelling worth up to $600,000. It is being done in an effort to encourage empty nesters to trade down to smaller homes.

The discounts are combined with increased funding for councils to speed up development applications.

The programs are expected to cost the Government about $184 million over the two years they apply.

Resources: ABC News 8/6/10

WE OFFER SPECIAL DISCOUNTS FOR ALL FIRST HOME BUYERS!

Contact Department Manager Holly Gilmore on 07 5506 8202 or freecall 1800 621 071 to make an appointment or to obtain more information.

With four offices conveniently located at Coolangatta | Robina | Brisbane | Kingscliff , you can also visit an office near you.

For further information in relation to QLD Conveyancing – Click here

For further information in relation to NSW Conveyancing – Click here

NSW FIRST HOME OWNER GRANT CAP CHANGES – CLICK HERE

NSW STAMP DUTY DISCOUNT ENDS 1ST JULY 2010 – CLICK HERE

Attwood Marshall Lawyers
Northern NSW & Gold Coast, Queensland

Conveyancing Solicitors, Residential Conveyancing, Buying & Selling Property

Author Contact Widget Form

Contact the Author

reCAPTCHA
Sending
Barry van Heerden

Barry van Heerden

  • Partner
  • Property and Commercial
  • Direct line: (07) 5506 8248
  • Mobile: 0403 452 455