Zero stamp duty for eligible over 55's in NSW.

Stamp duty concessions for seniors downsizing to new homes are being extended in New South Wales by the new State Government. The zero stamp duty provisions currently apply to people over 65 who sell their main residence to purchase a newly constructed home up to $600,000 - saving up to $22,490 in stamp duty costs. Incoming Premier O'Farrell has pledged to extend the concession to those over 55, effective from July 1, 2011, until June 30, 2012. The aim of the policy is to encourage downsizing seniors and the construction of new housing stock to stimulate the economy.

There has been limited take up of the concession since last year, with only 249 retirees taking advantage of the savings to date according to reports in the Sydney Morning Herald 16/4/11.

The exemption applies to a new home or off the plan purchase, for eligible seniors, with a summary of eligibility criteria available. For more details and useful links visit the Seniors Housing Online News and Information page.