28/07/2021
For all those home buyers please take note.
From 1 August 2020 to 31 July 2021 the NSW Government increased the transfer (stamp) duty thresholds under the First Home Buyers Assistance Scheme for the purchase of new homes and vacant land.
From 1 August 2021, the thresholds will revert back to the previous parameters as follows:
New homes valued less than $650,000 will be eligible for a transfer duty exemption. New homes valued between $650,000 and $800,000 will be eligible for a concessional rate of duty.
Vacant land valued less than $350,000 will be eligible for a transfer duty exemption. Vacant land valued between $350,000 and $450,000 will be eligible for a concessional rate of duty.
Existing home thresholds remain unchanged. That is, existing homes valued at less than $650,000 will be eligible for a transfer duty exemption. Existing homes valued between $650,000 and $800,000 will be eligible for a concessional rate of duty.
For further information about the First Home Buyer Assistance Scheme, visit https://www.revenue.nsw.gov.au/grants-schemes/first-home-buyer/assistance-scheme.