For decades, NSW stamp duty has been the bane of every property buyers’ existence, adding an unwelcome and excessive excess to the price of the property they are purchasing. This has especially affected would-be First Home Buyers, where stamp duty can be the factor that prevents them from getting on the property ladder.
A new once-in-a-generation change to stamp duty and land tax laws mean people purchasing a home in NSW up to the value of $1,500,000 are able to opt for a radically smaller annual land tax payment instead of the crippling upfront lump-sum stamp duty. Although the legislation has not been completely signed off on, as of this weekend, if you purchase a property for $1,500,000 or less, you are eligible to get a stamp duty refund and pay the annual tax if you prefer.
The NSW Treasury has projected that under the new program, if you purchase a property for $1,500,000, you would have a period of 63 years to reach the upfront stamp duty cost. The economic benefits are substantial when taking into consideration the average 7 years someone owns their property. It would take a further 58 years to reach the equivalent initial stamp duty figure of the existing payment system.
Cramer Property have a number of outstanding properties for sale at $1,500,000 and under. And they have the additional benefit of being off-the plan, allowing you to better plan for your future. They are all impeccably designed by highly regarded developers with excellent track records and located within master planned developments in sought-after suburbs with great infrastructure and public transport systems.
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