The NSW state government has extended the stamp duty exemption for first home buyers purchasing new homes to $800,000, up from the previous $650,000.
Premier Gladys Berejiklian made the announcement on Monday July 27, that the stamp duty exemption will come into effect from August 1, for a period of 12 months.
There will also be concessions available for new homes under $1 million, increased from the previous limit of $800,000.
The government has projected the upgraded exemptions will support up to 6,000 first home buyers, with a goal to create jobs through expanded activity in the construction industry, a boost during the COVID-19 crisis.
The stamp duty exemption will also increase for vacant land, from the current $350,000 to $400,000, with concessions phasing out at $500,000.
Ms Berejiklian said “It will also boost housing construction across NSW and support jobs in the building industry at a time when we need them more than ever before”.
NSW treasurer Dom Perrottet added “The current scheme has already helped over 93,000 first home buyers since July 2017 and this will give the construction industry extra support as we face the challenges of COVID-19.
The $10,000 First Home Owner Grant is still available in NSW for people buying a new home worth no more than $600,000, or buying land and build a new first home worth no more than $750,000 in total.
With stamp duty exemption and the First Home Owner Grant, new homeowners could benefit up to $32,335.
These changes complement the federal HomeBuilder scheme which provides a $25,000 grant to owner-occupiers making substantial renovations or building a new home between June 4 and December 31 this year. Further details on the NSW application process can be found at the NSW Office of State Revenue website.
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So if you’d like to find out more about programs helping First Home Buyers get into the market, then please get in touch – we’re more than happy to explain them to you in more detail.
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