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cobran20

Premier Gladys Berejiklian announces housing affordability reforms

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NSW tax payers money being wasted again. First home buyers can now offer a vendor an extra $24,740, to help prop up prices.

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First home buyers of existing and new properties costing up to $650,000 will be exempt from paying stamp duty and will receive stamp duty discounts for properties worth up to $800,000, both from July 1, under reforms announced by Premier Gladys Berejiklian to improve housing affordability in NSW.

As well, the 9 per cent stamp duty charged on lenders' mortgage insurance - often required by banks lending to first home buyers with limited deposits - will be abolished.

To help first home buyers compete with investors, the government will also remove stamp duty concessions for properties bought off the plan.

In other measures, the stamp duty surcharge for foreign investors will be doubled to 8 per cent and on land tax surcharge lifted from 0.75 per cent to 2 per cent.

Currently in NSW there is a stamp duty exemption for first home buyers of new homes valued up to $550,000 and vacant land valued up to $350,000.

There is also a stamp duty concession for first home buyers of new properties valued between $550,000 and $650,000, and for vacant land valued between $350,000 and $450,000.

Changes to stamp duty concessions - which reintroduce stamp duty relief for first home buyers of existing properties - are estimated to deliver savings of up to $24,740 for a first home buyer in NSW...

 

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As well, the 9 per cent stamp duty charged on lenders' mortgage insurance - often required by banks lending to first home buyers with limited deposits - will be abolished.

A gift to all with high LVR. Investors included. Probably not a material change. 

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To help first home buyers compete with investors, the government will also remove stamp duty concessions for properties bought off the plan.

I think the writer of the article may be a little confused. 

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the stamp duty surcharge for foreign investors will be doubled to 8 per cent and on land tax surcharge lifted from 0.75 per cent to 2 per cent.

That's one hell of a hike. 

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