NSW Stamp Duty slashed
First home buyers and the construction industry in New South Wales will be the big winners under a targeted boost to eliminate stamp duty on newly-built homes below $800,000 and slash thousands of dollars for properties up to $1 million. The changes commenced on 1 August 2020 and will last for a 12-month period.
Premier Gladys Berejiklian said the change to stamp duty thresholds will also support new home construction and create jobs as part of the NSW Government’s COVID-19 Recovery Plan. “Thousands of people will see their bank balances benefit from this change and it will help get more keys into more front doors of more new homes,” she said. “It will also boost housing
construction across New South Wales and support jobs in the building industry at a time when we need them more than ever before.”
The NSW Government forecasts that more than 6000 first home buyers will benefit from the changes, saving eligible first home buyers thousands of dollars. The $10,000 First Home Owner Grant will continue to be available to people buying their first new home worth no more than $600,000, or buying land and building for a first new home worth no more than $750,000 in total.