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Being in Vicoria we have had stamp duty concessions for property sold off the plan, (it was based on the land value) however the no stano duty in NSW is interesting, I understand it is for property under $600K.. Should see a big jump in ne developements , first home buyers and a trickle effect.
Intresting from a seniors perspective where I think the idea is to assist with their down sizing. They would get morre bang for their buck for the purchase of a smaller property. I guess the strategy would be to sell up, buy a less expensive property easier to maintain place and have a cash lump sum availalble. In theory not a bad idea. This is assuming the seniors would be cash buyers when down sizing.
Just to add by 2 cents regarding finance options– let me know if i am mistaken- seniors can still qualify for finance if they meet lending criteria–an issue may be in obtaining a 30 year loan if they are of advanced years i.e 70-80. I bring this up as a topic of discussion as you cannot discriminate against age when lending, however you need to show the capacity to be able to service the loan over the term.
Just thought i would throgh my rant,
thanks
Rick
