first home buyers

More government savings for First Home Builders announced

first home buyers

First Home Buyers looking to build a new home can now take advantage of the recently announced government incentives relating to stamp duty exemptions, putting more money in their pocket to put towards their dream homes. 

The NSW Government announced stamp duty will be temporarily scrapped for first-home buyers purchasing newly built properties worth up to $800,000 and will be heavily discounted for homes priced up to $1 million.

Commencing August 1, the threshold stamp duty will be charged on new homes for first-home buyers will increase from the current $650,000 to $800,000, with the concession reducing on higher values before phasing out at $1 million.

The government forecasts more than 6000 first-home buyers will benefit from the changes. Under the changes the stamp duty threshold on vacant land will rise from $350,000 to $400,000 and will phase out at $500,000.

The NSW Government says this new range of measures designed to improve housing and affordability across NSW and these changes will last for a 12-month period and will only apply to newly built homes and vacant land, not to existing homes. 

First-home buyers will also be able to access the $10,000 First Home Owner Grant, which is available to people buying a new first home worth no more than $600,000, or buying land and building a new first home worth no more than $750,000 in total.

This could see a first-home buyer save tens of thousands under the scheme if purchasing a new home and accessing the grant. Find out how much a first home buyer could save on the government website

This is in addition to the current $25,000 HomeBuilder Grant available to eligible customers who also meet the criteria and timeframes applicable.

First Home Buyers are now in a great position to build new. The Smart Start program is an easy way to learn from the experts all the tips and hints to building a new home and making the dream of a first home a reality, visit the SmartStart and register your interest here

Find out about the $25,000 HomeBuilder Grant: