First Home Buyers Assistance Scheme (NSW) - July 2017
In an effort to support first home buyers, the NSW government has introduced the First Home Buyers Assistance scheme. As at July 1st 2017, if you are a first home buyer you may not have to pay stamp duty on your home.
Stamp duty facts:
- Stamp duty has been abolished for properties $650,000 and under
- Purchases between $650,000 & $800,000 will attract reduced stamp duty on a sliding scale
- This applies to both new and existing properties, that are owner occupied
Sample stamp duty amounts under the new 2017 scheme
| Property price | Stamp duty from 1 July 2017 | Savings |
| $650,000 or lower | $0 | $24,740 |
| $655,000 | $1,040 | $23,925 |
| $675,000 | $5,240 | $20,625 |
| $700,000 | $10,490 | $16,500 |
| $725,000 | $15,740 | $12,375 |
| $750,000 | $20,990 | $8,250 |
| $775,000 | $26,240 | $4,125 |
| $800,000 | $31,490 | $0 |
Insurance duty on LMI abolished
In addition to the stamp duty changes above, insurance duty (previously 9% of the premium) on lenders' mortgage insurance (LMI) has been abolished for all home buyers (whether first home buyers or not).
More Information
Additional criteria may apply, for more information: contact your Loan Market broker