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Free stamp duty NSW

Discussion in 'Real Estate' started by Jacque, 7th Jul, 2010.

  1. Jacque

    Jacque Team InvestEd

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    Sydney
    Not sure if there's already been a thread about it but thought it worthwhile to mention anyway. From July 1st for a period of two years the NSW govt is generously waiving stamp duty on OTP purchases up to $600K and vacant land purchases up to $400K with their HOME BUILDERS BONUS scheme. Even on a $400K sale that represents a saving of approx $14K- quite substantial really. Of course there are stipulations in that the OTP purchase can't have commenced at the time of exchange (though there's still a reduction of 75% if building has started) and you must begin building within 26 weeks of exchanging contracts (which most buyers would do, anyway) but it's still nice to get some reduction, one that's not limited to FHB's or seniors

    See link for more information.
    NSW Home Builders Bonus - NSW Office of State Revenue
     
  2. Billv

    Billv Getting there

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    Jacque
    Thanks, I had forgotten about this
     
  3. jettwinneke

    jettwinneke New Member

    Joined:
    7th Dec, 2010
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    Location:
    Berrico, NSW
    I wasn't aware of this. Glad you posted it, thanks. I don't know if this would affect the loan I'm planning to take, but I will be the sole lender and would like to have my partner as a co-owner.

    Do you happen to know what requirements would I need? TIA.
     
  4. Sk3tChY

    Sk3tChY Well-Known Member

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    Location:
    Sydney, NSW
    So that's why OTP stuff has been stamp duty free!
     
    Last edited by a moderator: 9th Dec, 2010