Stamp duty can add a substantial amount to the price of buying a property. That can be as much as, or even more than, five per cent of the purchase value, depending on where you are buying.
The NSW government has temporarily axed stamp duty for new homes under $800,000, as a way to support first home buyers and the construction industry.
NSW Premier Gladys Berejiklian recently announced that the NSW government will temporarily remove stamp duty on newly built homes valued at under $800,000 and will raise the threshold for stamp duty on vacant land from $350,000 to $400,000 from 1 August 2020 for a period of 12 months.
In NSW, a stamp duty concession is available for eligible first home buyers. For properties valued up to $650,000 the stamp duty is waived and there is concessionary relief for properties valued up to $800,000. These rates will continue to apply for established homes however first buyers of new homes and vacant land will get the benefit of the new changes.