Stamp Duty Changes You Need To Know

Stamp duty changes will make it easier for first-home buyers to get into the market.

Under the changes, which will last for 12 months from August 1, the stamp duty concession threshold will also be lifted from $800,000 to $1 million. The threshold on vacant land will also rise from $350,000 to $400,000 and concessions will phase out at $500,000.

“It will help get more keys into more front doors of more new homes,” Ms Berejiklian said. “It will also boost housing construction across NSW and support jobs in the building industry.”

The government expects more than 6000 first-home buyers to benefit from the changes, which could provide a maximum benefit of $32,335 for a first-home buyer who was also using the existing $10,000 First Home Owner Grant available for new homes worth up to $600,000 and house and land packages worth up to $750,000.

Contact your local broker to find out more.