Changes to Stamp Duty for first Home Buyers
The NSW Government has released a comprehensive package designed to make it easier for people to own their own home, particularly those buying their first property.
1. For both new and existing dwellings, first home buyers will be exempt from stamp duty for properties up to $650,000, with a discount up to $800,000, from 1 July 2017.
2. The 9 per cent insurance duty on lenders mortgage insurance will be abolished from 1 July 2017.
3. The foreign investor surcharge will be increased from 4 per cent to 8 per cent on stamp duty and from 0.75 per cent to 2 per cent on land tax, with foreign developers to be exempt, from 1 July 2017.