NSW State Government releases further stamp duty exemptions for First Home Buyers purchasing Vacant land or new houses.
In summary the State Government has announced further stamp duty exemptions for First Home Buyers purchasing:
- New Home; or
- Vacant Land
Whilst stamp duty exemptions are already in place for first home buyers, the NSW government has increased the threshold as follows:
- New home: increased the threshold from $600,000 to $800,000 – no stamp applies;
- New home: increased the threshold from $800,000 to $1million – concessional stamp duty relief
- Vacant land: increased the threshold from $350,000 to $400,000 – no stamp duty applies; and
- Vacant land: increased the threshold from $400,000 to $500,000 – concessional stamp duty relief.
Existing houses – for first home buyers, stamp duty relief applies as normal.
The $10,000 NSW state government grant still applies to First Home buyers buying new houses up to the value of $600,000.
ABOUT ADRIANA CARE:
Adriana is the Managing Partner for Coutts. She acts for large commercial financial institutions in relation to corporate governance, and the provision of retail and wholesale credit and funding facilities for both the commercial and consumer market.
She also acts for a range of ADIs, finance companies, vendor introduces and equipment lessors. She acts for a number of franchisor and franchisees, as well as small property developers, builders and commercial property leases and debt recovery. Adriana has also worked in the fields of insolvency, commercial disputes and litigation and occupational.
This blog is merely general and non specific information on the subject matter and is not and should not be considered or relied on as legal advice. Coutts is not responsible for any cost, expense, loss or liability whatsoever in relation to this blog, including all or any reliance on this blog or use or application of this blog by you.