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Budget urges retirees out of oversized homes
In an effort to encourage NSW retirees to downsize and buy new homes, the NSW Government is offering extensive savings.
The NSW budget includes zero stamp duty for seniors buying new homes under $600k and up to $22,490 in savings for downsizing over-65s.
The discount applies to purchases of newly constructed houses and units, off-the-plan acquisitions, and house and land packages.
Other homebuyers aren't left out of the budget. NSW is also offering zero stamp duty to those borrowers, but only for off-the-plan purchase or house and land packages costing less than $600k.
There is also a 25% stamp duty cut for homebuyers if construction is already underway.
Property accountants Chan & Naylor credit the budget bonuses to the resurgent property market.
"NSW Government coffers have been saved by the buoyant property market and strong payroll tax revenue," said Sal Carrero, Chief Executive, Chan & Naylor.
"This budget again demonstrates that a strong property and construction sector is critical to the financial health of this state."
By Andrea Cornish | 09 Jun 2010
Source: Broker News
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