Last week (27 July 2020) the NSW government announced a financial boost for first home buyers for the next 12 months where stamp duty is paused on new homes below $800,000 and subsidised for properties up to $1,000,000.
These changes to stamp duty apply to first home buyers of new homes and vacant property only. Here are the headlines:
- Stamp duty threshold on new homes will increase from $650,000 to $800,000
- This threshold will reduce on higher property values and phase out at $1,000,000
- Stamp duty threshold on vacant property will increase from $350,000 to $400,000
- These reductions will apply temporarily from 1 August 2020 to 31 July 2021
If you are a first home buyer you can still access the First Home Owner Grant of $10,000 if you are purchasing a property under $600,000.
You can read more about the stamp duty changes for first home buyer on the Revenue NSW website on this link.