Big gains for housing affordability planned for NSW

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With the federal government’s 2017 Budget announced last month and recent announcements by the NSW state government, some positive changes for first home buyers and existing home owners are promised in the near future to help with housing affordability, including:

  • The First Home Super Saving Scheme will allow first home buyers to make voluntarily contributions of up to $30,000 into their superannuation at the superannuation tax rate of 15%, rather than at marginal income tax rates, for withdrawal later as a house deposit.
  • In NSW, new stamp duty exemptions and concessions are planned from 1 July 2017, with no stamp duty to be payable for first home buyers purchasing new and existing homes for up to $650,000 and concessions for properties purchased for up to $800,000.
  • Stamp duty on lenders mortgage insurance will also be abolished for first home buyers.
  • For those over the age of 65 who are wanting to downsize their homes, there will be the ability from July 2018 to sell and deposit an additional after-tax amount of up to $300,000 from the sale proceeds into their superannuation on top of existing caps. This measure is hoped to improve housing affordability by increasing the supply of bigger homes available for purchase.

Please note that these measures may not yet have been passed through the various levels of government yet, so it would be best to seek legal and/or financial advice before proceeding with any of the above.

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Raea Khan Circle
Director Lawyer
Raea Khan

Raea is Managing Director and Principal Lawyer for PBl Law Group. Raea assists clients with major projects, property developments, construction and strata law.

He has worked in Western Australia and Queensland assisting with expansion projects in the energy and resource sector and now predominately advises clients in Strata and Community Association matters.

He is a member of the Australian College of Strata Lawyers where majority of his work is advising developers and owners corporations with dispute related minor and major defects, strata governance and common property litigation. He is proficient at leading negotiations and meetings.

Raea has a particular interest in the commercial aspect of any dispute and always tries to weigh up the risk, reward and benefit of legal proceedings at each different stage.

Raea enjoys all forms of competitive sport, including Crossfit and actively participates in Triathlons, representing Australia as an age group athlete. He was a member of Red Head Surf Lifesaving club.

  • Strata Law
  • Construction & Major Projects
  • Commercial and Business Law
  • Planning & Environment Law