The purchase or transfer of real estate in NSW attracts stamp duty.
Stamp duty is payable in addition to the purchase price. keira conveyancing will advise you on the amount of duty payable and assist you to obtain a valuation of the property if the purchase or transfer is from a related party.
Home Builders Bonus and Seniors Exemption.
The NSW government has recently introduced a Home Builders Bonus which allows an exemption to the payment of stamp duty for the purchase of vacant land (up to $400,000) and for an 'off the plan' purchase (up to $600,000) where construction of the home has yet to commence.
Where the contract is for a newly constructed home (including an 'off the plan' purchase where construction has commenced), stamp duty is still payable, but will be reduced by 25% - unless the purchaser is also eligible for the Seniors Exemption.
The Seniors Exemption allows an exemption to the payment of stamp duty for the purchase of newly constructed homes (ie. not just a 25% discount). To be eligible the purchaser must (a) be 65 years of age or older (if buying with your partner only one person needs to be 65+), (b) live in the property as their principal home for 12 months, (c) have owned a home within 12 months before the purchase and (d) sell the previous home within 6 months of buying the new property. The Seniors Exemption can amount to a saving of over $22,000.
keira conveyancing will advise you on the above exemptions and lodge all forms at no extra cost. Discounts are also available for those clients who are eligible for the Seniors Exemption. Contact us now to find out more.
How much do I pay if I am not eligible for the Home Builders Bonus / Seniors Exemption?
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When Do I Pay It?
If you are obtaining a loan to finance your purchase stamp duty must be paid on settlement, unless settlement is scheduled to take place more than 3 months after the date of the contract – in which case stamp duty must be paid within that three months to avoid paying penalty interest. Different time limits apply for properties purchased 'off the plan', please contact keira conveyancing for further information.