First Home Buyer Assistance

First home buyers stamp duty exemption update

The first home buyer assistance scheme introduced by NSW government was recently updated.  They have announced increased thresholds for purchases of new homes and vacant land to build a new home from 1 August 2020.  The threshold for existing home purchases remains unchanged.

The full stamp duty exemption has now increased for new properties purchased up to $800,000 and new homes that are purchased between between $800,000 and a million dollars will receive a tiered concessional rate depending on the purchase price.

For vacant land, the threshold has increased for nil duty from a $350,000 purchase price to now a$400,000 purchase price. Then the stamp duty amount is tiered  for land purchases between $400,000 and $500,000.

Any one purchasing existing homes that cost less than $650,000 will get the full exemption and if the purchase price of the existing property is between $650,000 and $800,000 then the tiered duty rate applies.

So if you’re a first home owner and looking to get into property market, you can save thousand’s of dollars from this stamp duty exemption. Have a talk to your finance broker to get more information regarding this and how to access it. More information can also be found on the NSW revenue website here.

The Growfinity team.