Stamp duty slashed for new NSW homes

There has never been a better time to buy a new home in NSW.

The NSW Home Builders' Bonus, announced in the NSW Budget, gives all home buyers and investors (not just first home buyers) a range of stamp duty cuts.

From July 1, 2010 anyone buying an off-the-plan home worth up to $600,000 will pay zero stamp duty - a saving of up to $22,490. This will only apply if you buy the home before any construction has started.

If you are buying a newly constructed home worth up to $600,000 you'll get a 25% stamp duty cut - representing a saving of up to $5623. This applies if you buy the home at any time during the construction period or at completion.

"Empty nesters" may be eligible for a bigger discount. Those over 65 who sell the family home and downsize to a newly constructed home worth up to $600,000 will pay zero stamp duty.

The NSW Home Builders' Bonus will run for two years.

And don't forget if you're a first home buyer in another state you may also be eligible for a stamp duty concession.

You'll need to contact your state or territory Office of State Revenue for details.

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