Back to Inspire Home

Goodbye stamp duty! NSW cuts stamp duty for first home buyer homes under $800k

Get a free property report in seconds

Search an address for price estimates and sales history.

Search a property

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.

What are the NSW stamp duty changes?

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.

What’s the eligibility criteria for the new NSW stamp duty exemption?

  • Available to first home buyers only
  • Property must be a new build
  • Property price cannot exceed $800,000
  • Stamp duty concessions available for new homes under $1 million

Check today's low rates

Tell us what you are looking for and see if you can save.

Search rates

Keep in mind

  • The change to the thresholds will only apply to newly-built homes and vacant land, not to existing homes
  • It will last for a 12-month period, commencing on 1 August 2020

NSW stamp duty tax threshold changes

Property typeExisting stamp duty amount for eligible first home buyersNew stamp duty amount for eligible first home buyersSaving
Vacant Land $350,000$0$0no change
Vacant Land $400,000$7793$0$7793
New home $650,000$0$0no 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$0no change
Existing home $800,000$31,335$31,335no change

Can you qualify for both the NSW stamp duty exemption and other schemes and grants?

Yes.

What other grants and schemes could you qualify for?

As a first home buyer, there are a number of grants you could potentially qualify for.

  • The First Home Loan Deposit Scheme allows buyers who have as little as a 5% deposit to avoid paying Lenders Mortgage Insurance.
  • Depending on where you live, buyers could also access the First Home Owner Grant. While these do come with strict criteria it could unlock an extra $10,000 for prospective buyers.
  • The HomeBuilder Grant is a $25,000 grant available to homeowners who wish to renovate or build a new home.

Got a home loan question?

We're here to help. Get free expert advice at a time that suits you. Choose a time to chat with a Home Loan Specialist here.

See if you can save with a lower rate

Calculate your loan repayments

$
%
years

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.

Check today's low rates

Tell us what you are looking for and see if you can save.

Search rates

Tags: rba cash rate, reserve bank, interest rate, new purchase

Check today's low rates

Tell us what you are looking for and see if you can save.

Search rates

Check today's low rates

Tell us what you are looking for and see if you can save.

Search rates
Home loan repayment saver tool

Home loan repayment saver tool

Enter a few details about your home loan and see how much you could save on your repayments

Important legal stuff

Lendi is the trading name of Lendi Pty Ltd (ACN 611 161 856), a related body corporate of Auscred Services Pty Ltd (ACN 164 638 171, Australian Credit Licence 442372). We will never sell your email address to any third party or send you nasty spam, promise.
# Quoted rate applies only to PAYG loans with LVR of 80% or less with security in non-remote areas. All applications are subject to assessment and lender approval.
Lendi is a privately owned and operated Australian business. Our mission is to change the way Australians get home loans by providing a faster, smarter and more secure home loan experience designed around the customer’s convenience and needs. Although Lendi compares over 1600 products (2,500+ products including feature and pricing variations) from more than 35 lenders, we don't cover the whole market or compare all features and there may be other features or options available to you. While Lendi is 35% owned by founders and employees, we have also been supported by some great minority shareholders including Bailador, Macquarie Bank Ltd and a number of Australian sophisticated investors. Lendi's board is majority independent and non-executive.
WARNING: This comparison rate is true only for the example given and may not include all fees and charges. Different terms, fees or other loan amounts might result in a different comparison rate. The comparison rates are based on a loan amount of $150,000 over a loan term of 25 years. Fees and charges apply. All applications are subject to assessment and lender approval. Quoted rate applies only to PAYG loans with LVR of 80% or less with security in non-remote areas. All applications are subject to assessment and lender approval.
IMPORTANT INFORMATION: Loan terms of between 1 Year and 40 Years are available subject to lender and credit criteria. Maximum comparison rate will not exceed 14.99% (see comparison rate warning above). Any calculations or estimated savings do not constitute an offer of credit or a credit quote and are only an estimate of what you may be able to achieve based on the accuracy of the information provided. It doesn't take into account any product features or any applicable fees. Our lending criteria and the basis upon which we assess what you can afford may change at any time without notice. Savings shown are based on user inputted data and a loan term of 30 years. All applications for credit are subject to lender credit approval criteria.
Made with love at Circular Quay in Sydney, Australia. © 2020. All rights reserved.