New South Wales loosens registration tax exemption conditions for first-time home buyers from August 1, 2020
The New South Wales Government has issued a notice of easing stamp duty for first-home buyers in the state. The new rules are applied as follows:
This adjustment is one of the state's efforts to stimulate Australian real estate demand, create jobs for workers and support the construction industry to overcome the crisis caused by Covid-19.
More than 6,000 New South Wales residents benefit from the new policy
The government of New South Wales predicts that more than 6,000 first-time home buyers will join the program.
In Australia, one of the biggest costs of buying a property is the registration tax. This tax rate may vary depending on the value and location of the property and each state has different registration tax rules. It is estimated that buyers will lose approximately 33,500 AUD of registration tax if buying a house worth AUD 850,000.
Therefore, according to Australian real estate experts, the easing of registration tax exemption will bring a great impetus to the need to buy real estate and people can save up to tens of thousands of Australian dollars. tax money.
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