In a bid to stimulate consumer spending, boost housing construction and create opportunities for employment as part of its COVID-19 Recovery Plan, on 26 July 2020 the New South Wales Government formally announced various changes to stamp duty thresholds for eligible first home buyers.
For the 12-month period commencing on 1 August 2020, the stamp duty thresholds for eligible first home buyers under the NSW Government First Home Buyers Assistance Scheme are to be temporarily changed as follows:
– Full Stamp Duty Exemption for purchases of new homes valued at less than $800,000 (previous threshold being $650,000); and
– Partial Stamp Duty Exemptions for purchases of new homes valued between $800,000 and $1,000,000 (previous range being between $650,000 and $800,000).
– Full Stamp Duty Exemption for purchases of vacant land (on which it is intended to build a home) valued at less than $400,000 (previous threshold being $350,000); and
– Partial Stamp Duty Exemptions for purchases of vacant land (on which it is intended to build a home) valued between $400,000 and $500,000 (previous range being between $350,000 and $450,000).
The changes offer eligible first-home buyers significant stamp duty savings as well as the potential to access a greater range of properties in New South Wales.
The temporary changes under the First Home Buyers Assistance Scheme are not anticipated to affect the existing First Home Owner Grant (New Home) scheme, under which the NSW Government offers $10,000 to eligible first home buyers (in addition to the concessions available under the First Home Buyers Assistance Scheme) who either:
– Are purchasing a new or recently substantially renovated home worth no more than $600,000; or
– Are purchasing land to build a new home, where the total price of the land and home is no more than $750,000.
Rostron Carlyle Rojas Lawyers have an experienced team of Commercial and Property lawyers committed to achieving superior outcomes for their clients.
For further information or assistance regarding the purchase of your first property, or in relation to property or commercial matters generally, please contact James Hatzopoulos at Rostron Carlyle Rojas Lawyers on (02) 9307 8900 or by email to [email protected]