Stamp Duty Slash for NSW First Home Owners
The NSW government has slashed Stamp Duty by increasing the free stamp duty threshold from $650,000 to $800,000.
As of August 1 2020, first home buyers in NSW are now set to benefit from cuts to stamp duty, with a relaxed approch to reducing taxes for those purchasing newly-built homes or vacant land up to the value of $1 million.
This new change will see first home buyers exempt from paying stamp duty taxes on properties under $800,000, up from the current threshold of $650,000, while properties under $1 million will benefit from a reduced stamp duty fee. The stamp duty cuts however are only available to those looking to purchase newly built homes or vacant land with established homes excluded.
These new stamp duty concessions are being offered in addition to the existing $10,000 First Home Owner Grant, which in NSW is available to buyers on properties less than $600,000 or on new builds less than $750,000.
The new increase is set in place to help first home owners expand their options within NSW so that their is a broder set of homes to choose from.
The first home owner grant can also be used in conjunction with the HomeBuilder Scheme so that First home owners who are building their first home can be eligible for a $10,000 FHO Grant, $25,000 Home Builder Grant and the Stamp duty concession.
All in all it is good news for first home owners looking to get into the market that can now look for homes within a higher bracket which may make buying your first home even more appealing.
If you need any help finding out how much you can borrow for your first home and assitance with applying for the grants avaiable, please feel free to book an appointment and get one step closer to owning your first home.
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