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Changes in stamp duty threshold for NSW first home buyers

The NSW Government has announced in a media release on 27 July 2020 that the government will temporarily increase the stamp duty threshold for first home buyers, from $650,000 to $800,000 and the concession threshold from $800,000 to $1 million.

The stamp duty threshold on vacant land will also rise from $350,000 to $400,000 and will phase out at $500,000.

The changes only apply to newly-built homes and vacant land, not to existing homes, and will last for a period of 12 months, starting from 1 August 2020.

The changes are intended as temporary economic stimulus measures.

More information on the first home buyer assistance schemes will become available here: www.revenue.nsw.gov.au/grants-schemes/first-home-buyer/assistance-scheme