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First Home Buyer Assistance Scheme Update

From the 1 August 2020 to 31 July 2021 there was an increase to the stamp duty threshold for the purchase of new homes and vacant land for first home buyers. 

From 1 August 2021, the thresholds will now be:

New homes 

For new homes valued less than $650,000, no transfer duty is payable.

For new homes valued between $650,000 and $800,000, a concessional rate of duty is payable based on the value of the home. 

Existing homes

For existing homes valued at less than $650,000, no transfer duty payable.

For existing homes valued between $650,000 and $800,000, a concessional rate of duty is payable based on the value of the home.

Vacant land 

For vacant Land valued at less than $350,000, no transfer duty is payable. 

For vacant land valued between $350,000 and $450,000, a concessional rate of duty is payable. 

For more information please see  First Home Buyer Assistance scheme | Revenue NSW or contact Signature Law at administration@signaturelaw.com.au or call 4861 2345. 

Please note this blog is general in nature and for information purposes only and should not be relied on for legal advice. Should you require advice regarding the information in this email please contact us so we may provide advice specific to your needs and circumstances.

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