Transfer Duty Savings for First Time Home Buyers

#BudgetSpeech2017 – Save up to R20 000!

Transfer Duty Savings for First Time Home Buyers

In an attempt to encourage home ownership and provide relief to first time home buyers, the South African budget of 2017 has seen some welcome changes to the Transfer Duty payable in the acquisition of immovable properties.
We often hear of changes or adjustments to electricity tariffs and petrol, but it is very rare that Transfer duty is reduced. To cut through the jargon and technicalities, the Transfer Duty adjustment, in reality, means that any person who acquires immovable property as of 1 March 2017, will be exempt from paying Transfer Duty up to and including R900 000.

So how does this affect you?
Properties worth up to and including R900 000 will have zero rated Transfer Duty. This therefore is a cost saving to buyers upfront by about R15 000 to R20 000, which can potentially add to their overall deposit. With the inevitable increases in day to day living expenses, these welcome savings help contribute towards lower to middle-income households.
For more property related, expert advice, contact Intro Real Estate… it’s the right choice.

Note: Transfer Attorney Fees are still payable. Where Transfer Duty is mentioned, it alludes to a reduction in the Transfer Duty tax payable, which forms a part of the overall Transfer Fees.