27/07/2020
Good news for Sydney first time property buyers who have missed out on exemptions due to low caps on stamp duty exemption - given the high property prices in Sydney.
The Berejiklian government will temporarily axe stamp duty on NEW Homes under $800,000 for first home buyers to boost construction and create jobs amid the COVID-19 crisis.
This means that a home buyer could score a discount up to $32,335 with the $10,000 grant!
Under the changes, the threshold for stamp duty being charged on new homes for first home buyers will increase to $800,000, with the concession reducing on higher values before phasing out at $1 million.
The change to the thresholds will only apply to newly-built homes and vacant land, not to existing homes, and will last for 12-months, starting on August 1.
Want to own your first home a lot sooner than you think? Let us help you navigate the changes and find you the best deal.