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Stamp duty change for First Home Buyers starting 1 August 2020

Jul 27, 2020 10:52:56 AM

NSW government has abolished stamp duty for First-Home buyers to give relief to to support the economy amid the Covid-19 pandemic.

The New scheme starts from 1 August and applies to new properties worth up to $800,000.00. A further discount applies for new properties costing up to $1 million. The stamp duty threshold on vacant land will also rise from $350,000 to $400,000 and will phase out at $500,000.

This scheme will not only assist First-home buyers but also boost housing construction across NSW and support jobs in the building industry.

The change to the thresholds will only apply to newly-built homes and vacant land, not to existing homes, and will last for 12-months, starting on August 1 2020 and ending on July 30 2021.

For more information call one of our Licensed Conveyancer to speak with at 6989 4656 or visit out site  - https://www.sydneyconveyancing.com.au/

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