Westwood Conveyancing

Hi Everyone,

Welcome to the August issue of our newsletter.

At its meeting today, the Reserve Bank of Australia decided to once again maintain the current policy settings, including the targets for the cash rate and the yield on 3-year Australian Government bonds of 25 basis points.

The NSW Government has announced plans to temporarily amend the First Home Benefits Assistance Scheme (FHBAS). To encourage more home building stamp duty will be temporarily axed on new homes valued under $800,000 as part of a NSW government initiative. The state government will also temporarily eliminate stamp duty for first-home buyers purchasing newly built homes valued up to $800,000 from 1 August 2020, with tapered discounts for properties valued up to $1 million. Under the changes the duty free threshold up to which stamp duty will be not charged on new homes for first home buyers will increase from the current $650,000 to $800,000 with concessions phasing out at $1 million. Similarly, the stamp duty free threshold on vacant land will rise from $350,000 to $400,000 and will phase out at $500,000.  The change to the thresholds will only apply to newly-built homes and vacant land, not to existing homes, and will last for a 12-month period, commencing 1 August 2020. For further details see:

• the media release; and
• Revenue NSW's website.

In this issue see how you can retire with one investment property, see the three costly mistakes made with depreciation on investment properties and see what would happen to our property markets if a second wave of Coronavirus were to hit. In addition, we show you how to finance a commercial property investment and see why many city dwellers are moving to the country.

Please feel free to contact us about any matter - we are always happy to hear from you and to assist!

Kind regards,

Donna Westwood

Donna Westwood
Licensed Conveyancer, JP
(Licence No. 1555562)

Tel: (02) 9940 4006 | Fax: (02) 9940 3398 | Mob: 0429 912 649
35 Rosamond Street, Hornsby NSW 2077
Westwood Conveyancing | ABN: 68 155 594 602
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DISCLAIMER The information contained in this newsletter is general information only and is based on our interpretation of various topics. It has not been prepared taking into account your specific situation, objectives or needs. You should consider how the information is in anyway appropriate to your own situation before making any decision. You should also seek independent advice from the appropriate professional to assist you with any decision.