Stamp Duty relief for First Home Buyers

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.

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