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oaks news

Here’s a rundown of the NSW Government’s affordability package:

  • Stamp duty abolished on first home purchases up to $650,000 (new and existing property);
  • Stamp duty concessions on first home purchases up to $800,000 (new and existing property); Sydney
  • Stamp duty on lenders’ mortgage insurance abolished for all buyers. This is usually 9% of the premium, so it’s a pretty hefty impost. This will benefit young buyers because LMI is only charged when a client’s deposit is smaller than usual;
  • First home buyers who are building their first home will receive a $10,000 grant for properties worth up to $750,000;
  • First home buyers purchasing a new property, such as an apartment off the plan or newly completed, will also receive a $10,000 grant for properties worth up to $600,000;
  • The 12-month deferral of stamp duty for residential off-the-plan purchases by investors will be scrapped. The $5,000 New Home Grant Scheme will cease;
  • The stamp duty surcharge paid by foreigners will double from 4% to 8%. Land tax charges to foreigners will increase from 0.75% to 2%.