The NSW Housing Construction Acceleration Plan (HCAP) due to expire on 31st December 2009 has been extended until 30th June 2010.
The stamp duty concession is only available for customers entering into a contract for the purchase of a new home between Wednesday 1 July 2009 and Wednesday 30th June 2010. The concession reduces the Transfer Stamp Duty payable by 50% for transactions up to $600,000 for both new owner occupier and investment properties. The concession is not limited to one transaction.
Note: First home owners cannot claim the concession.
A new home is classified as one that has not previously been occupied or sold as a place of residence. The home must be complete and ready for occupation unless it is an off the plan purchase.
In a nutshell, if you are buying a new property for home or investment under $600,000, you can receive 50% off the stamp duty.