Is foregoing the FHB stamp duty exemption to buy a house just over the $1m limit silly? - Hi all,
My partner and I are ready to buy a house.
Our borrowing capacity is around the $1m mark and we have a roughly 10% deposit saved.
In NSW, the stamp duty exemption for first-home buyers was recently lifted to 800k, with a partial exemption for purchases up to $1m. We are in Sydney so 800k doesn't get you very far without compromising on either size or location.
We are trying to figure out if buying something around the $1m-$1.1m mark is stupid, given we can get something much better, because we'd be foregoing the FHB stamp duty exemption.
On the one hand it seems silly to forego "free money" from the government, plus obviously it's easier to service a cheaper loan too.
On the other hand, hypothetically, assuming property prices continue to go up over time, 50% appreciation on $1m is 500k, whereas 50% appreciation on 800k is 400k, giving us an extra $100k in value, which more than offsets the "free" $40k we'd save on stamp duty.
What do you think?
Any thoughts or advice appreciated.
Berkshire is hoarding so. much. cash.
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