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

Related content