YAY FOR STAMP DUTY CUTS

The NSW Treasurer, the Hon. Mike Baird, has today announced a raft of changes to NSW taxes and grants as part of the 2012 State Budget.

Some of the changes which will have a direct impact on those buying real estate are as follows;

New Home Grant Scheme
From 1 July 2012, a new $5 000 grant will be provided to buyers of new homes, whether off the plan or newly built, with a value up to $650,000 and to buyers of vacant land that is intended to be the site of a new home valued up to $450,000.

First Home Owner Grant (New Home) Scheme
From 1 October 2012, the First Home Owner Grant Scheme will be replaced by the First Home Owner Grant (New Home) Scheme. The new scheme will only apply to first homebuyers who purchase or build a new home valued at up to $650,000.

The grant will increase from $7 000 to $15,000 from 1 October 2012 to 31 December 2013 and to $10 000 from 1 January 2014.

First Home – New Home
From 1 July 2012:

• The transfer duty exemption cap on new homes increases to $550,000 with duty concessions for new homes valued between $550,000 and $650,000
• The transfer duty exemption cap on vacant land increases to $350,000 with duty concessions for vacant land valued between $350,000 and $450,000.

First State Conveyancing will have more information in the coming weeks regarding these very positive steps that will surely invigorate the new home housing market and sales of vacant land.