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Reduction of Stamp Duty
Wednesday, July 01, 2009
The NSW State Budget provided a further stimulus to the residential building sector with the Housing Construction Acceleration Plan.
The plan provides a 50% cut in stamp duty for people - including investors - buying newly constructed dwellings valued up to $600,000 between 1st July 09 and 31st December 09. The plan will be reviewed on 31st December, 09.
The details in brief are:
- Stamp duty cut by 50% for investors and any other homebuyer purchasing new property at an exchange price value, or real value, of $600,000 or less.
- New property is defined as a house/unit/townhouse that no-one has lived in previously (i.e. no previous exchanges).
- Contracts must be entered into after 1st July and before 31st December 09.
- It includes off the plan sales or sales of property currently under construction, provided they are completed by mid 2011.
- It includes substantially renovated homes; however this criterion is highly qualified and would not include a usual renovation.
- This doesn't affect the first home buyers scheme/stamp duty scheme.
Please contact Robinson Property if you would like to discuss buying an investment property that would qualify for the reduction in Stamp Duty
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