There have been several reports through the media yesterday that the State Government has announced that first home buyers will be exempt from paying stamp duty on the purchase of property with a purchase price of up to $650,000 and will receive a discount on their stamp duty for the purchase of property up to $800,000.
This is wonderful news for First Home Buyers.
This will apply to contracts exchanged on or after 1 July 2017 so please do not rush out and buy a property today!
Also, the 9% stamp duty charged on lenders’ mortgage insurance for first home buyers will be abolished.
To assist First Home buyers to be more competitive in the market the government is also:
– abolishing the 12-month deferral of duty for residential off-the-plan purchases by investors; and
– increasing the stamp duty surcharge for foreign investors to 8 % and increase the land tax surcharge from 0.75 per cent to 2 per cent.