NSW first home buyer stamp duty incentives slip backwards from August 1

Buying a first home becomes harder from August 1 in NSW

NSW first home buyer stamp duty incentives slip backwards from August 1
NSW first home buyer stamp duty incentives slip backwards from August 1

NSW first-home buyers had until July 31 to save $31,000 on stamp duty fees for new homes in New South Wales, with a temporary extension of stamp duty relief ending.

The measure allowed first-home buyers to avoid paying stamp duty on new homes worth up to $800,000.

From August 1, the property price cap for a stamp duty exemption will drop back from $800,000 to $650,000.

NSW first home buyer stamp duty incentives slip backwards from August 1

The purchase price cut-off for concessions will also drop from $1 million to $800,000.

Further information can be found at: First Home Buyer Assistance Scheme - https://www.revenue.nsw.gov.au/grants-schemes/first-home-buyer/assistance-scheme.

The biggest benefit was only available from the 1 August 2020 to 31 July 2021 during which the NSW Government increased the transfer stamp duty thresholds for the purchase of new homes and vacant land.

And from the 1st of August 2021, the thresholds revert to the previous parameters in place prior to 1 August 2020.

Jonathan Chancellor

Jonathan Chancellor

Jonathan Chancellor is one of our authors. Jonathan has been writing about property since the early 1980s and is editor-at-large of Property Observer.

Tags: 
First Home Buyer Fhb First Home Buyer Apartments First Home Buyer Grant

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