The NSW Government has announced stamp duty will be temporarily scrapped for first-home buyers purchasing newly-built properties worth up to $800,000 and heavily discounted for homes priced up to $1 million.
Commencing August 1, the threshold above which stamp duty will be charged on new homes for first-home buyers will increase from the current $650,000 to $800,000, with the concession reducing on higher values before phasing out at $1 million.
Under the changes the stamp duty threshold on vacant land will rise from $350,000 to $400,000 and will phase out at $500,000.
First-home buyers will also be able to access the $10,000 First Home Owner Grant, which is available to people buying a new first home worth no more than $600,000, or buying land and building a new first home worth no more than $750,000 in total.
This could see a first-home buyer save $32,335 under the scheme if purchasing a new home and accessing the grant.
Tax breaks on existing homes — including the $650,000 stamp duty exemption will remain. Stamp duty exemptions on vacant land will also be increased, with the threshold rising to $400,000
Updated 28.7.20 Walkom Real Estate