Have you been thinking about taking the next step by purchasing a piece of property?
Well, come June 30, the government’s stamp duty exemption on purchases of new homes, which currently offers savings of up to $22,000, will end. This means smart buyers need to act quickly to take advantage of the significant savings currently on offer.
Payce General Manager, Dominic Sullivan, has 3 tips to save you $1,000s in stamp duty.
1. Get the right price
To take advantage of the stamp duty exemption the property you pick must be under $600,000.
New homes are the go – the stamp duty exemption is only available on homes that are not yet under construction, and are purchased off the plan.
2. Act now
A stamp duty exemption will mean a saving of $22,000 – but there is only one more month until this opportunity ends. Contracts must be exchanged by July 1st, 2012
Investigate further savings – grants of $7,000 are currently available for first home buyers and many developers are offering additional incentives including cash back savings to sweeten the deal. For example East Village is offering an additional $5,000 incentive to purchasers. Shop around for the best deals before deciding on your property – it could save you thousands!
3. Do your research
Captilise further on your savings by making sure the property you purchase is in an area with good investment potential, is well serviced by public transport and that the developer of your home is reputable by looking at their previous developments. This will ensure the value of your property is set to increase over time.
Are you planning to buy a home this year?