{"id":43084,"date":"2023-06-02T11:35:56","date_gmt":"2023-06-01T23:35:56","guid":{"rendered":"https:\/\/propertynoise.co.nz\/au\/?p=43084"},"modified":"2023-06-02T11:35:56","modified_gmt":"2023-06-01T23:35:56","slug":"big-benefit-for-first-home-buyers","status":"publish","type":"post","link":"https:\/\/propertynoise.co.nz\/au\/big-benefit-for-first-home-buyers\/","title":{"rendered":"Big benefit for first-home buyers"},"content":{"rendered":"

PHOTO: First homebuyers. FILE<\/strong><\/p>\n

First-home buyer stamp duty exemption lifted from $650,000 to $800,000 from July 1<\/strong><\/p>\n

Buyers in one state will be able to save tens of thousands of dollars on their first homes in new laws that will come into effect in just weeks.<\/p>\n

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From July 1, first-home buyers in NSW will be able to ditch stamp duty on property purchases under $800,000, with the stamp duty exemptions being lifted from their current cap of $650,000.<\/p>\n<\/div>\n

The legislation officially passed both the upper and lower house on Thursday night, with NSW Treasury expecting about 8600 first-home buyers to receive a full exemption and 4400 people to qualify for a partial exemption.<\/p>\n

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A sliding scale of concessions will also be available on properties between $800,001 to $1m. Under the incoming rates, an $850,000 property will incur a stamp duty tax of $10,023 instead of $33,340 \u2013 saving buyers $23,318.<\/p>\n

However, concessions are reduced on properties closer to the $1m cap. Homeowners will save just $1555 under new concessions on a home purchased for $990,000, with stamp duty reduced from $39,640 to $38,086.<\/p>\n

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From July 1, the first-home buyers stamp duty exemption cap will be lifted from $650,000 to $800,000. Picture NCA NewsWire\/ Seb Haggett<\/strong><\/em><\/div>\n

The increased stamp duty exemptions will replace the Coalition government\u2019s First Home Buyer Choice scheme, which allowed homeowners to choose between an annual property tax or upfront stamp duty on homes up to $1.5m.<\/p>\n

Although the scheme will end on June 30, people who bought their first home under the policy will not be affected by the change.<\/p>\n

Real estate bodies including the Real Estate Buyers Agents Association and CPA Australia bemoaned the scrapping of the Australia-first policy.<\/p>\n

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\u201cThe NSW government is taking a step backwards by stopping first-home buyers from opting out of stamp duty,\u201d CPA Australia senior tax policy manager Elinor Kasapidis said.<\/p>\n

\u201cIt\u2019s pleasing to see the stamp duty thresholds increased in NSW, but it\u2019s not enough in the long run.\u201d<\/p>\n

Prior to the legislation passing both houses on Thursday, Opposition Leader Mark Speakman said scrapping the Coalition\u2019s policy was a \u201ckick in the guts for first-home buyers\u201d.<\/p>\n

\u201cWe have median house prices in Sydney that are well over $1m, about $1.2m. Those people will be paying something like $50,000 stamp duty,\u201d he said.<\/p>\n

\u201cSpeak to any public commentator, any economist and they will tell you that stamp duty is among the most egregious taxes we have. We should be doing everything we can to reduce reliance on that tax.\u201d<\/p>\n

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NSW Premier Chris Minns said the government\u2019s first-home buyers\u2019 benefit was fairer. Picture: NCA NewsWire\/ Gaye Gerard<\/strong><\/em><\/div>\n

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