From August 1, the NSW Government will temporarily pause stamp duty for first home buyers purchasing an off-the-plan home priced below $800,000.
The stamp duty concession sees the threshold for stamp duty increased from $650,000 to $800,000.
For homes worth between $800,000 and $1 million, the concession gradually phases out.
NSW treasurer Dominic Perrottet said the changes would save first home-buyers up to $31,335 on a new $800,000 home and up to $15,668 on a new $900,000 home.
“Thousands of people will see their bank balances benefit from this change—it will help get more keys into more front doors of more new homes”, Berejiklian said.
The scheme builds on the $10,000 first-home-owner grant as well as the recently announced $25K HomeBuilder grant – set to expire on December 31 2020.
Double your HomeBuilder grant to $50K
To get you into your new home sooner, we are offering a $25K Coronation boost in conjunction with the $25K HomeBuilder grant – a never before, never again incentive of $50K when you purchase an off-the-plan apartment in The Paper Mill Precinct*. There has never been a better time to buy than now.