The NSW Government announced on 26 July 2020 that they 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 $1 million. The stamp duty threshold on vacant land will rise from $350,000 to $400,000 and will phase out at $500,000.

The changes are part of the NSW Government’s COVID-19 recovery plan and 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.

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Source: CCH IntelliConnect

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