NSW Government changes stamp duty rules for first-home buyers

28 July 2020

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.

Read more: https://www.nsw.gov.au/media-releases/big-boost-for-first-home-buyers-and-construction-industry-as-stamp-duty-slashed