The NSW Government has announced stamp duty will be temporarily scrapped for first-home buyers purchasing newly-built properties worth up to $800,000 and heavily discounted for homes priced up to $1 million.

Commencing 1 August 2020, the threshold above which stamp duty will be charged on new homes for first-home buyers will increase from the current $650,000 to $800,000. with the concession reducing on higher values before phasing out at $1 million.

If you are interested in purchasing a property, it is good practice to first have a solicitor review the contract and certificates attached. Sometimes they may be issues with the property that are not clear to you and they will need to be explained to you by a solicitor.

A solicitor can also advise you on the different types of ownership such as sole proprietor, joint tenants or tenants in common.

We will also ensure that you understand the contract, what a cooling off period is, when the contract becomes binding and also advise you on what certificates we think you should order such as pest and building certificates.

If you are currently looking at purchasing a property, contact our team today on 1300 889 370.