Buying your first home can be a minefield of unexpected costs. After the recent changes in NSW, use our handy stamp duty calculator and first home owner grant tool to get an idea of what to expect before you get your Greater Bank Home Loan.
Before you get started with your Home Loan Enquiry – let’s answer some questions that sometimes get asked all too late.
What is stamp duty?
Stamp duty is an inescapable part of the home buying process in Australia. Stamp Duty is a tax imposed on certain purchases, including real estate. The money you pay as stamp duty goes to your state or territory government who reinvest it into the economy.
What is the first home owner grant?
The first home owner grant is a one off payment from your state or territory government that can be accessed upon the purchase of your first home. The first home owner grant scheme was introduced to offset the effect of the GST on home ownership, and the amount you may be able to access differs from state to state.
So, Stamp Duty bad, First Home Owner Grant good, right? Well, it’s not quite as simple as that…
Changes to Stamp Duty NSW as of July 1, 2017.
In 2017, the NSW State Government announced significant stamp duty concessions ($1B AUD) in an attempt to encourage more first home buyers to enter the market. The changes, which came into effect as of July 1st, include:
- First home buyers of existing and new properties with a value up to $650,000 are exempt from paying stamp duty
- Buyers of homes ranging in value from $650,000 - $800,000 will receive significant NSW stamp duty discounts
- NSW State Government estimates put the average savings for a first home buyer in NSW at up to $24,740.
How much Stamp Duty will I have to pay?
We’re glad you asked. While the amount of Stamp Duty you’ll have to pay will depend on your individual circumstances, you can easily calculate an estimate using our handy Stamp Duty Calculator NSW.
Use our Stamp Duty Calculator
Am I eligible for a First Home Owner Grant?
It’s a question worth asking, as it could save you thousands of dollars towards the cost of your first home. We’ve put together a simple questionnaire to help you determine whether you may be eligible for the first home owner’s grant in your state or territory.