Relief for 1st Home Buyers

 

 

NO STAMP DUTY PAYABLE FOR FIRST HOME BUYERS

NSW have announced that stamp duty will be waived for eligible first home buyers as of July 1 2017, for both new and existing homes.

The NSW Government’s comprehensive package to improve housing affordability is focused on helping first home buyers, who often face stiff competition from investors.

 

For first home buyers, this comprehensive package will:

  • Abolish stamp duty on all homes up to $650,000
  • Give stamp duty relief for homes up to $800,000
  • Provide a $10,000 grant for builders of new homes up to $750,000 and purchasers of new homes up to $600,000
  • Abolish insurance duty on lenders’ mortgage insurance
  • Ensure foreign investors pay higher duties and land taxes
  • No longer allow investors to defer paying stamp duty on off-the-plan purchases.

 

 

First home purchase price

Ordinary stamp duty

Savings for first home buyers
of new dwellings*

Savings for first home buyers
of existing dwellings*

Total stamp duty charges for foreign investors
(surcharge plus stamp duty)**

$500,000

$17,990

$28,768

$18,768

$57,990

$550,000

$20,240

$31,451

$21,451

$64,240

$600,000

$22,490

$34,361

$24,361

$70,490

$650,000

$24,740

$26,857

$26,857

$76,740

$700,000

$26,990

$18,786

$18,786

$82,990

$710,000

$27,440

$17,172

$17,172

$84,240

$750,000

$29,240

$10,950

$10,950

$89,240

$775,000

$30,365

$6,922

$6,922

$92,365

$800,000

$31,490

$2,896

$2,896

$95,490

*Total of stamp duty exemptions plus first home owners grant plus savings from LMI duty abolition (Genworth LMI Premium Estimator based on a first home buyer with a $50,000 deposit).**Does not include additional land tax surcharge.