Abolish Stamp Duty Abolish stamp duty on all homes up to $650,000

Stamp Duty Relief Give stamp duty relief for homes up to $800,000

$10,000 Grant Provide a $10,000 grant for builders of new homes up to $750,000 and purchasers of new homes up to $600,000

First Home Buyer

Being a first home buyer can be exciting. However, there are so much to do when buying your first home. Apart from where you want to live and the type of property you want, you also need to consider how much you can afford. ARMI Finance takes the hassles of finding the right loan for you. We can help you choose a suitable product along with the competative rates, help you complete complex documentations, go through the cost such as stamp duty, bank fees, legal fees, valuation fees and help you apply for First Home Owners Grant (if eligible).

A Fair Go For First Home Buyers

The First Home Owner Grant (New Homes) Scheme is NSW Government initiative to help you purchase your first home. The NSW Government’s comprehensive package to improve housing affordability is focused on helping first home buyers, who often face stiff competition from investors.

For first home buyers, this comprehensive package will:

Abolish stamp duty on all homes up to $650,000

Stamp duty abolished or reduced. Save up to $24,740 on a $650,000 home.

Give stamp duty relief for homes up to $800,000

The duty paid when buying residential property can be an obstacle for first home buyers. For those entering the market, the NSW Government is abolishing this duty on new and existing homes worth up to $650,000. For properties valued at between $650,000 and $800,000, the duty concession will be gradually reduced. Concessions on vacant land will remain unchanged.

Provide a $10,000 grant for builders of new homes up to $750,000 and purchasers of new homes up to $600,000

First home buyers building a new property will be entitled to a $10,000 grant on homes worth up to $750,000. First home buyers purchasing a new property worth up to $600,000 will be entitled to a $10,000 grant. This policy aims to provide assistance to first home buyers and stimulate the construction of new dwellings.

Abolish insurance duty on lenders’ mortgage insurance

Insurance duty on lenders’ mortgage insurance is imposed at a rate of nine per cent of the premium. The removal of this duty will save all home buyers (first home buyers or not) money if they need lenders’ mortgage insurance. This policy will take effect from 1 July 2017. For example, on a home valued at $800,000, a buyer with a deposit of $50,000 who needs lenders’ mortgage insurance, could save about $2,900.

Ensure foreign investors pay higher duties and land taxes

Foreign investors will pay higher surcharges when they purchase residential real estate. The surcharge on stamp duty paid on new purchases by foreign investors will double from four per cent to eight per cent, and the surcharge on land tax will rise from 0.75 per cent to two per cent. Foreign developers will be exempt from the increased surcharges.

No longer allow investors to defer paying stamp duty on off-the-plan purchases.

First home buyers often face strong competition for properties from investors. To help counter this, the NSW Government is abolishing the 12-month deferral of duty for residential off-the-plan purchases by investors. Buyers who are purchasing a home they plan to live in off-the-plan (regardless of whether they are first home buyers or not) will still be entitled to a 12-month delay in the payment of stamp duty, deferring payment from 3 to 15 months after settlement. But this concession will be closed to investors. This policy will take effect from 1 July.

When do these stamp duty savings begin?

This change will take effect from 1 July 2017.

Contracts dated prior to the commencement of these reforms will continue to be eligible for the same grants, concessions, and conditions for which they would have been eligible had these changes not occurred.

How ARMI Finance can help you

We can take you through all of the incentives available, help you determine what you’re eligible for, and assist you in preparing all of the relevant paperwork to ensure you claim everything you’re entitled to. You can always talk to us if you have more questions.