First Home Buyers: Are You Ready For The Deadline?

alarm clock - first home buyer deadline

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The NSW State Government announced on 6 September 2011 that as of 1 January 2012 First Home Buyers purchasing established properties will no longer receive a stamp duty concession.

As of 1 January 2012 stamp duty concessions will only be available to first home buyers purchasing a brand new home or vacant land intended to be used as a site for a first home however, there are restrictions.

Eligible first home buyers do not pay duty on homes priced up to $500,000 and vacant land up to $300,000. Concessions on duty are available on a sliding scale for homes priced between $500,000 and $600,000 and for vacant land priced between $300,000 and $450,000. This scheme provides savings of up to $17,990 for first home buyers.

You Still Have Time

If you have saved a minimum 5% deposit you still have time to get in and buy your first home to take advantage of the stamp duty concession. Our First Home Fast Track allows you to borrow 95% of the purchase price and you can also add the cost of the Lenders Mortgage Insurance onto your loan so you don’t need to save for that on top of the deposit.

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  1. […] is even better news for First Home Buyers in NSW looking to get into the market before the stamp duty exception is cut 31 […]

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