In response to the COVID-19 pandemic the NSW Government has increased the stamp duty exemption and concession thresholds under the First Home Buyers Assistance Scheme.
These changes apply when buying a new home or vacant land and apply from 1 August 2020 until 31 July 2021.
New homes
No stamp duty is payable if the value of the new home is less than $800,000.
Concession of stamp duty if the value of the new home is between $800,000 and $1million
Vacant land
No stamp duty is payable if the value of the land is less than $400,000
Concession of stamp duty if the value of the land is between $400,000 and $500,000
Existing homes
No change in thresholds as they remain at:
-
- No stamp duty is payable if the value of the existing home is less than $650,000.
- Concession of stamp duty if the value of the existing home is between $650,000 and $800,000.
There have been no changes to the $10,000 First Home Owners Grant (New Homes) scheme as the purchase of a new home or building a new home (including land value) threshold is still capped at $750,000.
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