Recently the NSW and other state governments have made some changes in relation to state imposed stamp duty for first home buyers. The changes in NSW now exempt stamp duty on property purchases up to $500,000. Depending on the final property purchase price, this could translate to a saving of up to $18,000. Mortgage stamp duty for first home buyers is another area recently effected by these changes. Mortgage stamp duty on a $500,000 property is almost $2000! Under these new changes mortgage stamp duty is exempt for the first home buyers providing a total saving of almost $20,000! The bonus of $7000 for the First Home Owner's in form of a government Grant is still available under this new arrangement providing a total of up to $27,000 in relief for the first home owners and their entry to the NSW property market.
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