Changes to Stamp Duty in NSW- June 2017

NSW Premier Gladys Berejiklian announces housing affordability fixes.

The NSW Government released a raft of measures to counter the difficulties first home buyers may be experiencing. In short, they encompass the following:

•First home buyers of existing/new properties up to $650,000 will be exempt from paying stamp duty
•They will also receive stamp duty discounts for properties worth up to $800,000 from July 1
•Stamp duty charged by banks on lenders’ mortgage insurance will be abolished. These are often required by banks lending to first homebuyers with limited deposits
•First home buyers will enjoy the removal of stamp duty for properties bought off the plan. This will assist with these buyers competing against investors, and
•In other areas, the stamp duty surcharge for foreign investors will be doubled to 8 per cent and on land tax from 0.75 per cent to 2 per cent.

Agents may recall, currently in NSW there is a stamp duty exemption on new homes valued up to $550,000 and vacant land valued up to $350,000.

There is also a stamp duty concession on new homes valued between $550,000 and $650,000, and vacant land valued between $350,000 and $450,000.