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Bank of Mum & Dad to help first time buyers as NSW abolish stamp duty for new homes under $800,000

Bank of Mum & Dad to help first time buyers as NSW abolish stamp duty for new homes under $800,000

The NSW state government has abolished stamp duty for new homes under $800,000, in a bid to support first home buyers and the construction industry.

Premier Gladys Berejiklian has announced that the government will temporarily axe stamp duty on newly built homes valued at under $800,000, from 1 August.

There will also be concessions available for new homes under $1 million in value (up from the previous limit of $800,00).

Previously, stamp duty applied to homes worth more than $650,000.

According to media reports, the move is expected to support approximately 6,000 first home buyers while boosting construction and creating jobs amid the COVID-19 crisis.

As well as increasing the stamp duty threshold for newly built homes, the government will also raise the threshold for stamp duty on vacant land.

This will rise from $350,000 to $400,000 and will phase out at $500,000.

Tim K. Dean, Credi Founder | Commentator & Expert on Family Lending, Bank of Mum & Dad and Neo-Credit Scores is available for media interviews and appearances. More…

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