Stamp duty relief for NSW first home buyers
July 26, 2020
The NSW Government has announced there will be a 12 month temporary increase in the stamp duty exemption and concession thresholds for first home buyers.
From 1 August 2020 the changes will see the stamp duty exemption limit increased from $650,000 to $800,000 for the purchase of a newly built home. The stamp duty concession will also increase to cover newly built homes from over $800,000 up to $1 million in value.
The changes to the stamp duty thresholds for land are also critical providing a full stamp duty exemption for the purchase of vacant land up to $400,000 and concessions on vacant land up to $500,000.
Today’s announcement follows the release of the NSW HomeBuilder details on Saturday.
These changes, combined with the existing $10,000 first home owners grant and the $25,000 HomeBuilder grant, provide first home buyers in NSW with a strong incentive to consider buying a new home.
HIA has been seeking these changes for some time to ensure that the thresholds better reflected the price of new homes in NSW and in particular in Sydney. It is hoped this initiative will have positive outcomes for the housing industry and the NSW economy as a whole.
Further detail on the scheme will be uploaded to the Revenue NSW website.
The Premier and Treasurer’s media release can be viewed here.