NSW First Home Buyer stamp duty exemptions - Existing properties

Discussion in 'Property Market Economics' started by Property Twins, 1st Jun, 2017.

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  1. jprops

    jprops Well-Known Member

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    I assume so. Dont forget to look up the 6 year rule too, re Capital Gains Tax exemption on primary residence. It has a similar requirement.
     
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  2. Michael M.

    Michael M. Member

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    As long as you have signed the contract before 01/07/2017, the new scheme does not apply.
     
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  3. hash_investor

    hash_investor Well-Known Member

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    do you think banks may be lobbying for this?
     
  4. datto

    datto Well-Known Member

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    What lobby the government? I don't think so because the banks will just cop more of a bashing from the media and Mr Turnbull..

    The banks will raise the money on the sly. They're good at that.
     
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  5. 2FAST4U

    2FAST4U Well-Known Member

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  6. Jack Chen

    Jack Chen Well-Known Member

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    Any indications on how long this will run for? I reckon middle-ring units close to transport will get a good boost.
     
  7. JohnnyS

    JohnnyS Member

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    Ahk nice. Looking to hold the asset long term, so priority at this point is getting the stamp duty exemption. Difference in rent and stamp during 6 months of non occupation is still 6k + for me.
     
  8. SydneyInvestor

    SydneyInvestor Well-Known Member

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    "you or your partner have not previously owned residential property in any form in any State or Territory of Australia"

    That means if any one has or has had an Investment Property, even then FHB grant or stamp duty concessions are not applicable on buying first home??? I thought IPs owned are not considered in PPOR decisions.
     
  9. jprops

    jprops Well-Known Member

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    I think that depends on the state.

    We missed out because of this requirement. My wife was on the title of a property with her previous husband, when they divorced, she didn't get a cent of it! (don't ask me). That precluded both of us from being eligible...
     
  10. RetireRich101

    RetireRich101 Well-Known Member

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    If banks create a big gap between IO and PI, investor might as well go for PI and this is banks obvious intention.

    We are now seeing fixed rate for PI under 4%...these seem good deal for me at present
     
  11. mickyyyy

    mickyyyy Well-Known Member

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    I think they will go down that path, NAB are offering 3.88% fixed for 2yrs P&I
     
  12. kimba88

    kimba88 Well-Known Member

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    If it is brand new and your first, isn't stamp duty free anyway (even before this grant came in, because the previous grant applies to you)?
     
  13. jprops

    jprops Well-Known Member

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    Thr current cap is 550. This is being lifted to 650 and opened up to established. If its in Sydney a brand new 3 Bdr Townhouse could quite likely be more than 550.

    Current wording of the scheme "exemptions from transfer duty on new homes valued up to $550,000 and concessions for new homes valued between $550,000 and $650,000."
     
  14. beith

    beith Active Member

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    I know for a fact that the major banks are lobbying this. But doesn't matter, it will get through. Labour won't oppose it. The best they can hope for is a slightly lower levy.
     
  15. Ted Varrick

    Ted Varrick Well-Known Member

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    Like reducing the rates on depositors, whilst raising the rates on borrowers? To make up 6 basis points?

    The robber barons are alive and well.

    Special dispensation for Westpac who spend a bunch of money on their rescue helicopter service (disclaimer: I'm not a WBC shareholder, and at the same time don't want to drown, be eaten by a shark, or fall out of a tree, or over a cliff... as "deceleration trauma" is not something that has any appeal...).

    Could bang on about CEO salaries but that dead horse has been flogged pretty hard, and wont really achieve anything.

    Why not also add the 6 basis points to the profits of casinos, gambling companies, Payroll companies offering zero fees for services, horticultural and chemical entrepreneurs, night club operators, unemployed builders with salaries greater than 200k, coal mining license speculators, and various others of questionable repute, including current and former politicians and public servants who can't seem to pass the pub test.

    And, whilst we are at it, any number of actors and musicians who hyped up their movies and albums, only to foster intense disappointment in the purchasers of said product....
     
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  16. beachgurl

    beachgurl Well-Known Member

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    I've already had a few calls from potential FHBs since this announcement. They have around 50K saved and are super keen to buy their own home. Not having to save up for the stamp duty will make a great difference to them.
    I think the cap is at the right figure. Any higher, then you will have another Sydney mini-boom, full of avocado eaters who will tire of the conservative living of a mortgage-holder and will sell out, or worse, be escorted from their homes. That happened after the last FHOG and 100% loans.
     
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  17. RetireRich101

    RetireRich101 Well-Known Member

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  18. Kis Kis

    Kis Kis Well-Known Member

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    In the process of saving 24k on stamp duty, people will now be buying 580-600k property with 650 to get the FHB's grants!!!
     
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  19. Ald

    Ald Well-Known Member

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    If the young Australians don't go and buy now quickly they will loose out. There are nearly a hundred thousand cashed up Chinese migrants coming to buy house and land here every year.

    Prices are going up for next year's
     
  20. jprops

    jprops Well-Known Member

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    Interesting possibility but prices over 650 might also slide a little bit as demand drops below 650.... Even Stevens?
     
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