Want to buy your own house in Sydney?

The house you wanted to live in, is far beyond your budget, due to high stamp duty and other taxes?

Well, if your answer to all these questions is yes, then hurry up! As this is the best chance for you to jump in the real estate market in NSW. Want to know why? This is because; NSW has announced a new law regarding stamp duty exemption for the first home buyers. Thus, you can buy your own house in Sydney without paying a lot of taxes.

The reason behind this policy was to improve the affordability of first home buyers so that they can buy their new house without facing a lot of trouble. Thus, this policy can become a way to motivate more new buyers and it can aid them in many ways to buy their dream house without facing tough market rates from investors.

So, if you were looking for a chance to buy your house in Sydney, this is the best time for you to jump in the real estate. The policy includes:

NO STAMP DUTY ON HOMES RANGING UPTO $65000

STAMP DUTY RELIEF ON HOUSES UPTO $80000

$10000 GRANT FOR PURCHASERS OF NEW HOME COSTING UPTO $600,000 AND BUILDER OF NEW HOUSE RANGING UPTO  $750,000

NO INSURANCE DUTY ON LENDERS MORTGAGE INSURANCE

FOREIGN INVESTORS PAY HIGHER DUTIES AND TAXES

STAMP DUTY CONCESSIONS

The relief on stamp duties can give a chance for new home buyers to buy their new house. Stamp duties can limit many first home buyers from buying. Thus, the NSW government have provided a relief for the first home buyers on the stamp duty, So that, the new buyers have a chance to invest in the real estate. The buyers who are going to buy the house costing up to $650,000 have to pay no stamp duty. This means they can save up to $24,740.

NO INSURANCE DUTY ON HOME LOANS

If you are going to need a financial support from the mortgage lenders, then don’t worry as there will be no insurance duty that you have to pay. This is going to save you a lot of money. Thus, you can focus only on paying the price of your house and not on the additional taxes that are going to raise its price beyond your reach.

FOREIGN INVESTORS

Although, not a very good news for foreign investors as they have to pay the extra charges. But, it is going to help those people who are willing to live in these houses. The foreign investors will now have to pay double charges on the house they are going to buy.

FIRST HOME BUYERS GRANTS

Besides all this, the first home buyers will be provided with a grant of $10,000. Thus, the policy is going to motivate a lot of new buyers to start investing in the real estate.

This new policy will be implemented from July 1. The government kept in mind the difficulties faced by the first home buyers in Sydney, thus they have tried to make it easy for them to buy their first house. So, if you also want to buy your own house in NSW, this is the best time for you.