Pay no stamp duty NSW

[Jacque]

Not sure if there's already been a thread about it but thought it worthwhile to mention anyway. From July 1st for a period of two years the NSW govt is generously waiving stamp duty on OTP purchases up to $600K and vacant land purchases up to $400K with their HOME BUILDERS BONUS scheme. Even on a $400K sale that represents a saving of approx $14K- quite substantial really. Of course there are stipulations in that the OTP purchase can't have commenced at the time of exchange (though there's still a reduction of 75% if building has started) and you must begin building within 26 weeks of exchanging contracts (which most buyers would do, anyway) but it's still nice to get some reduction, one that's not limited to FHB's or seniors

See link for more information.
http://www.osr.nsw.gov.au/benefits/nbb/

 

[neK]

So no requires as a first home owner or anything like that? Sounds pretty good!

 

[Jacque]

So no requires as a first home owner or anything like that? Sounds pretty good!

No anyone can basically get the exemption and it's not limited to one property or piece of land either.

 

[neil100]

Of course there are stipulations in that the OTP purchase can't have commenced at the time of exchange (though there's still a reduction of 75% if building has started) and you must begin building within 26 weeks of exchanging contracts)

See link for more information.
http://www.osr.nsw.gov.au/benefits/nbb/

Hi Jacque,

Probably one for the solicitors / accountants, but I am settling on an OTP in the next few weeks. I was entitled to a 50% reduction in stamp duty as part of the government stimulus during the GFC.

Having read through the OSR website, I still cant work out if I have any additional benefit from this ?

Thanks
Neil

 

[Jacque]

Hi Jacque,

Probably one for the solicitors / accountants, but I am settling on an OTP in the next few weeks. I was entitled to a 50% reduction in stamp duty as part of the government stimulus during the GFC.

Having read through the OSR website, I still cant work out if I have any additional benefit from this ?

Thanks
Neil

Hi Neil

Now that you've exchanged contracts the short answer is no. However, double check with your solicitor just in case there's a loophole I've overlooked 50% is better than no concession however. As of July 1 the original 50% concession has been dropped to 25% for new properties (not yet lived in) so you've saved 25% here regardless.

 

[neil100]

Hi Neil

Now that you've exchanged contracts the short answer is no. However, double check with your solicitor just in case there's a loophole I've overlooked .....

Will do - thanks Jacque!