Financial Benefits from Buying New Homes #2 - Stamp Duty Savings
Welcome to the second in a series of 3 articles about the financial benefits of buying new homes off the plan.
Stamp Duty Savings
Stamp Duty is now called 'Transfer of land or business duty'. In real estate terms, this is a duty that you pay on the sale or transfer of land, including improvements in NSW.
This means that if you purchase real estate under one contract for the land and the improvement on that land (the house), you will pay duty on the total purchase price.
If you purchase a new home where the vacant land is sold under one contract and there is a separate building contract for the construction, you only pay duty on the land value.
Here is an example of how this could affect you:
For the same purchase price of $578,000 you would save $16,430 in duty. You can calculate this for yourself on the Revenue NSW site: https://www.apps08.osr.nsw.gov.au/erevenue/calculators/landsalesimple.php
As an investor looking for a good return on your investment, buying off the plan already puts you ahead.
*Note: there are even more savings for eligible first home buyers. Contact us for details.
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Tony has most definitely proved himself to be the trusted authority when it comes to wealth through property investment! With his professional approach, Tony has assuredly created an opportunity that may not have otherwise been possible for me. His personal ethics shine through and I cannot thank him and his team enough for their 5 star service, and willingness to go the extra mile in customer satisfaction. Thank you Tony, for your wealth of knowledge and expertise in helping build a successful property portfolio for my retirement!!
- Engelina B
Tony took his time to meet my requirements
When looking for a property for my parents, I was introduced to Tony. After I described my requirements, he took the time to show me areas that fulfilled my requirements, and then specific locations, floor plans and similar new homes that he believed, based on my criteria, would be suitable. Thank you Tony.
Nothing but wonderful!
My venture into my first home on the coast was made easy by the support from Tony and his team. They were nothing but wonderful!
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Tony and his team were willing to go the extra mile to show us properties in new and growing areas that would be suitable to include in our investment portfolio. Following our earlier success in securing a new build on land in the Newcastle region, we were keen to investigate other locations which would provide capital growth and good rental return with a low vacancy factor. His team thoroughly researched all those requirements and provided great options.