Stamp Duty changes in NSW for First Home Owners 1 July 2017
As of today, 1st July 2017, the NSW government has changed the Stamp Duty exemptions/concessions for First home owners and also made a change to the First Home Owners Grant.
You can now get an exemption on new and existing homes valued up to $650,000 (previously exemptions only applied to new homes) and on vacant land valued up to $350,000.
Concessions then apply for new and existing homes valued between $650,000 and $800,000, and vacant land between $350,000 and $450,000.
First Home Owners Grant:
If you purchase a new home you will be eligible for the $10,000 First Home Owners Grant for a property up to $600,000.
If you build a new home (with a fixed price contract with a builder) you will receive the $10,000 if the total cost of the new home does not exceed $750,000.
Please feel free to contact me to discuss further.