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Will you benefit from the removal of stamp duty in NSW?
The NSW state government has announced that stamp duty will not be payable on homes costing less than $800,000 – but there’s a catch or two.
Will you benefit from the removal of stamp duty in NSW?
The NSW state government has announced that stamp duty will not be payable on homes costing less than $800,000 – but there’s a catch or two.
It will only be applicable to first home buyers who are purchasing a brand-new home.
The concession comprises part of the state government’s COVID-19 recovery plan, which is aimed at providing support to the construction industry and creating more jobs.
The threshold above which stamp duty will be charged on new homes purchased by first home buyers will be lifted from the current $650,000 to $800,000.
Buyers are also set to benefit even if their home costs more than this, with the threshold being reduced on properties valued between $800,000 and $1 million.
Purchasers of vacant land are also set to benefit – with the threshold increasing from $350,000 to $400,000 before phasing out at $500,000.
Set to commence on 1 August 2020, the tax breaks will only be available to buyers over the next 12 months.
Commenting on the initiative, Premier Gladys Berejiklian said the plan will see more keys in more front doors of more new homes, while boosting construction and supporting jobs “at a time when we need them more than ever before”.
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