The NSW government has announced as part of the NSW Government COVID- 19 Recovery Plan that the threshold for stamp duty paid on new homes for first home buyers will increase.
To be eligible for the exemption or concession in the transfer duty you will need to be a first home buyer who purchases a new home to live in or vacant land on which they intend to build a new home and then live in.
The transfer duty threshold on vacant land will rise to $400,000.00 (from $350,000.00) and there will be a concessional rate from $400,000.00 to $500,000.00.
The transfer duty threshold for new homes will rise to $800,000.00 (from $650,000.00) and will be a concessional rate from $800,000.00 to $1,000,000.00.
The above transfer duty will apply to any new Contract entered into from 1 August 2020 to 31 July 2021.
Written by Megan Johnson.