Stamp Duty Updates

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.

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