NSW Government changes stamp duty rules for first-home buyers
The NSW Government has announced stamp duty changes for first-home buyers purchasing newly-built properties.
Commencing 1 August 2020, the threshold above which stamp duty will be charged on new homes for first-home buyers will increase from the current $650,000 to $800,000, with the concession reducing on higher values before phasing out at $1 million.
Under the changes, the stamp duty threshold on vacant land will rise from $350,000 to $400,000 and will phase out at $500,000.
The changes will last for a 12-month period and will only apply to newly-built homes and vacant land, not to existing homes.
First-home buyers will also be able to access the $10,000 First Home Owner Grant, which is available to people buying a new first home worth no more than $600,000, or buying land and building a new first home worth no more than $750,000 in total.
