News
Stamp duty slashed in NSW Budget
Fitzpatricks Real Estate is excited about the State Government’s recent announcement at providing a $64 million boost to people buying new homes, cutting their stamp duty by half.
People buying newly constructed homes worth under $600,000 who are not first home owners will pay 50 per cent less stamp duty - a saving of up to $11,245.
The stamp duty reduction will be available for newly built houses and units, house and land packages, and current stock of unsold new homes and units that have never been occupied. It is also available for off-the-plan purchases.
The 50 per cent stamp duty cut will begin from July 1 and is available only until December 31st, 2009.
The new measure does not affect first-home buyers, who will still receive the $24,000 First Home Owners Grant Boost in NSW and will continue to be exempted from paying stamp duty.
The State Government hopes the $64 million measure will activate the overall property market and revive stamp duty revenue.