Further stamp duty exemptions have been announced for First Home Buyers of vacant land and new homes from 1 August 2020 to 31 July 2021. The intention behind this NSW state government initiative is to provide a boost for first home buyers and the construction industry.
Stamp duty exemptions were already in place for first home buyers, but the thresholds have been increased as follows:
New Home
- Purchase price up to
$650,000$800,000 – full stamp duty exemption - Purchase price up to
$800,000$1,000,000 – stamp duty concessions apply
Vacant Land
- Purchase price up to
$350,000$400,000– full stamp duty exemption - Purchase price up to
$400,000$500,000– stamp duty concessions apply
Existing Houses
Stamp duty relief will apply as normal for first home buyers purchasing existing houses.
The $10,000 NSW state government grant still applies to first home buyers purchasing a new home up to the value of $600,000.
Please contact Calarco Legal if you require any assistance.