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Liverpool’s potential first home buyers received some good news in this year’s state budget when it was announced that the first home buyers grant will be increased from $7,000 to $15,000, as of October 1 this year. From January 1, 2014, the First Home Owners Grant will go down to $10,000.
This is great news for anybody thinking about buying a home, however there is a catch.
The first home owners grant will no longer apply for existing dwellings, as it will be about new dwellings. Therefore those who want to buy an existing home should take advantage of the current $7,000 grant on offer before it expires on September 30 this year.
There have also been changes made to stamp duty concessions. A full stamp duty concession will now only be available for properties worth up to $550,000 (the current amount is $835,000).
From $555,000 to $650,000, stamp duty concessions reduce by 1 per cent for each $1,000 spent.
The stamp duty concession for off-the-plan apartments and house and land packages will be scrapped in favour of a $5,000 payment to anyone who buys a newly constructed home.
For vacant land, stamp duty exemptions will apply for land valued up to $350,000, and concessions will apply up to $450,000.
The change in property concessions will likely encourage new home buyers to look to new homes over established ones and it has been brought in to help promote property development in NSW.
With all of the changes about to take place in property concessions, it’s important for first home buyers to think about their property needs and either wait for the new grant to come into place if they want to buy a new property, or make movements now if they’re interested in buying an established home.
If buyers need assistance looking for homes in the Liverpool region, or understanding how the new property concessions work, then please don’t hesitate to get in touch with me.
To find out more about First Home Owner Benefits you can also head to www.osr.nsw.gov.au/benefits/first_home/.