First home buyers: Stamp duty cuts for houses worth up to $800,000

FIRST home buyers in NSW will no longer have to pay stamp duty on both new and existing homes worth up to $650,000, with discounts also applying to properties worth up to $800,000. A great outcome for first home buyers.

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The NSW Government has announced a comprehensive package of measures to support first homebuyers by providing stamp duty exemptions, boosting housing supply and delivering infrastructure to support growing communities across the State. the measures include:

 

–   Abolish stamp duty on all homes up to $650,000

 

–   Provide a $10,000 grant for builders of new homes up to $750,000 and purchasers of new homes up to $600,000

 

–  Abolishing the stamp duty charged on lenders’ mortgage insurance, which is often required by banks to lend to first homebuyers with limited deposits, providing a saving of around $2,900 on an $800,000 property

 

–   Doubling the foreign investor surcharge from 4% to 8% on stamp duty and 0.75% to 2% on land tax

 

–   Removing stamp duty concessions for investors purchasing off the plan

 

–   Committing $3bn in infrastructure funding from Government, councils and developers to accelerate the delivery of new housing

 

–   Fast-track approvals for well-designed terraces, townhouses, manor homes and dual occupancy by expanding complying development to include these dwelling types

 

–   Measures to maintain the local character of communities

 

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*Total of stamp duty exemptions plus first home owners grant plus savings from LMI duty abolition (Genworth LMI Premium Estimator based on a first home buyer with a $50,000 deposit).**Does not include additional land tax surcharge.

 

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