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The New South Wales Premier Gladys Berejiklian has announced temporary changes to stamp duty fees for first home buyers. This change is aimed at supporting new home construction, boosting jobs in the building industry and helping prospective homeowners get a foot on the property ladder.
The state government expects more than 6,000 first home buyers to benefit from these temporary changes, saving eligible first home buyers thousands of dollars, up to $31,335.
Effective August 1, 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.
The stamp duty threshold for vacant land will rise from $350,000 to $400,000 and will phase out at $500,000.
|Property type||Existing stamp duty amount for eligible first home buyers||New stamp duty amount for eligible first home buyers||Saving|
|Vacant Land $350,000||$0||$0||no change|
|Vacant Land $400,000||$7793||$0||$7793|
|New home $650,000||$0||$0||no change|
|New home $700,000||$10,445||$0||$10,445|
|New home $800,000||$31,335||$0||$31,335|
|New home $900,000||$35,835||$20,168||$15,668|
|Existing home $650,000||$0||$0||no change|
|Existing home $800,000||$31,335||$31,335||no change|
As a first home buyer, there are a number of grants you could potentially qualify for.
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The information in this post is general in nature and should not be considered personal or financial advice. You should always seek professional advice or assistance before making any financial decisions.
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