No Stamp Duty Payable in NSW for First Home Buyers
For First Home Buyers purchasing a property between 800K and 1.5mil, there is now the option to not pay stamp duty upfront, and instead pay an annual tax. This is of most benefit to those who do not have the stamp duty funds available and could therefore get you into the market sooner, or use the stamp duty funds toward your deposit instead.
In Summary, for those signing a contract of purchase now, if you settle on or after 16 January, you can opt in for the annual tax and not pay any stamp duty up front. For those with a settlement date before 16 January, you must pay the stamp duty but then request for it to be reimbursed. With only 2 months until the start date, and Christmas in the middle, many sellers would likely be open to the request for a longer settlement past this date.
If you have any questions, or would like to find out if you qualify and if it can get you into your first home sooner, please contact me on jennifer@jblhomeloans.com.au
The full details of the initiative are in the below link: