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.
WE OFFER SPECIAL DISCOUNTS FOR ALL FIRST HOME BUYERS!
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