In a bid to bring the first home buyers to the market and support the construction industry amid the COVID-19 crisis, NSW government has announced that, from 1 August. the government will temporarily waive the stamp duty on newly built homes up to $800,000.
Previously the stamp duty waives applied to homes up to $650,000.
There will also be concessions available for new homes under $1 million in value (up from the previous limit of $800,00).
For vacant land, the threshold for stamp duty waive will rise to $400,000 and phase out at $500,000.
Under this scheme, the first home buyers will save up to $31,335 in stamp duty.
Besides this scheme, there are also other government grants available for owner-occupiers as below:
If you want to know how to take advantage of these schemes, please contact us and we'll work out the best solution for you.
Previously the stamp duty waives applied to homes up to $650,000.
There will also be concessions available for new homes under $1 million in value (up from the previous limit of $800,00).
For vacant land, the threshold for stamp duty waive will rise to $400,000 and phase out at $500,000.
Under this scheme, the first home buyers will save up to $31,335 in stamp duty.
Besides this scheme, there are also other government grants available for owner-occupiers as below:
| NSW Stamp Duty Waive | Stamp duty waive for new home up to $800,000, land up to $400,000 |
| Concession for new home up to $1mil and land up to $500,000 | |
| Effective from 1 August 2020, for 12 months | |
| NSW First Home Owner Grant | $10,000 for new home builder up to $600,000 |
| Federal HomeBuilder Grant | $25,000 for eligible home builders or renovators |
| Effective until 31 December 2020 |
If you want to know how to take advantage of these schemes, please contact us and we'll work out the best solution for you.
