COVID-19 (NSW): stamp duty reduced for first home buyers
The NSW Government will reduce stamp duties on newly built homes and vacant land for eligible first home buyers from 1 August 2020.
The threshold above which stamp duty will be charged on new homes for eligible first home buyers will increase from $650,000 to $800,000, and concession on higher values will be reduced before phasing out at $1m. The stamp duty threshold on vacant land will rise from $350,000 to $400,000 and will phase out at $500,000.
The changes, announced as part of the NSW Government's COVID-19 recovery plan, will apply to contracts executed from 1 August 2020 to 31 July 2021. The changes will be available to first home buyers who purchase a new home or a vacant block of land on which they intend to build a new home. The changes will not apply to existing homes.
Indicative tax threshold changes from 1 August 2020 to 31 July 2021
Property type
Existing stamp duty amount for eligible first home buyers
New stamp duty amount for eligible first home buyers
Saving
Vacant land $350,000
$0
$0
No change
Vacant land $400,000
$7,793
$0
$7,793
New home $650,000
$0
$0
No change
New home $700,000
$10,445
$0
$10,445
New home $800,000
$31,335
$0
$31,335
New home $900,000
$35,835
$20,168
$15,668
