Stamp duty thresholds for first home purchasers buying new homes or vacant land from 1 August 2021

From 1 August 2021, the New South Wales Government has changed the thresholds for exemption from payment of stamp duty for first home purchasers who buy new homes or vacant land. The thresholds revert to their previous amounts which were as follows:

• First home purchasers who buy a new home for $650,000.00 or less will be exempt from the payment of stamp duty. There are also concessions which apply for payment of stamp duty between $650,000.00 and $800,000.00, after which normal stamp duty rates apply.
• Similarly, first home purchasers who buy vacant land for $350,000.00 or less will be exempt from the payment of stamp duty. There are also concessions which apply for payment of stamp duty between $350,000.00 and $450,000.00, after which normal stamp duty rates apply.
• First home purchasers who buy existing homes will still benefit from the existing scheme (https://www.revenue.nsw.gov.au/grants-schemes/first-home-buyer/assistance-scheme), the threshold for which is $650,000.00 and phases out at $800,000.00.

If you have any questions in relation to the above or we can assist you with the purchase of your first home or vacant land, please contact us.