Homes rebate welcome
FIRST-home buyers are not the only ones to get cash back from the State Government, with a 50 per cent rebate on stamp duty paid on new homes given the nod in yesterday's 2009-10 NSW Budget.
The rebate, for new homes built for less than $600,000, comes into affect on July 1 is “fantastic” for local builders and the property market, according to Raine and Horne Tweed Heads/Coolangatta agent, Lance Cotterill.
“Anything that means people pay less tax when building in NSW is good, especially when it is a lot cheaper for taxes across the border,” said the agent who works with local builders to provide house-and-land packages on the Tweed.
“For land around $600,000 you're paying stamp duty of 3.5 per cent, so you're paying about $21,000 in stamp duty. If you halve that it is a great saving and will make it more attractive for people to build here.
“This is good news for the whole Tweed economy because a lot of people are employed in the construction industry, and the money flows through to all levels of retail from the shop where the workers buy their lunch to the place where the homeowners buy their new curtains and furnishings.”