STAMP DUTY CHANGES – YOU NEED TO KNOW
New South Wales Government changed the thresholds for the exemption from payment of stamp duty where contracts exchanged after 1 July 2023 for new and existing homes and the time periods in which purchasers have to live in the property.
Under the First Home Buyer Assistance Scheme (FHBAS), previous threshold was $650,000, now for eligible first home purchasers who buy a new or existing home for $800,000 or under will now be exempt from the payment of stamp duty.
There are also concessions which apply for the payment of stamp duty on properties purchased between $800,000 and $1,000,000, after which normal stamp duty rates apply. This has increased from between $650,000 and $800,000.
The stamp duty thresholds for vacant land will remain unchanged. Eligible first home purchasers who buy vacant land for $350,000 or less will be exempt from the payment of stamp duty. There are also concessions which apply for the payment of stamp duty between $350,000 and $450,000, after which normal stamp duty rates apply.
To be eligible for the First Home Buyers Assistance Scheme, the following conditions must be met:
– the purchase must be for a new or existing home, or vacant land in NSW
– the property value must be within the threshold amounts
– the transfer must be for the whole property
-you must be an individual, (not a company or trust*)
– you must be over 18*
– you and your spouse or partner, must never have owned or co-owned residential property in Australia
– you and your spouse or partner, must never have previously received an exemption or concession under the scheme
– at least one of the first home buyers must be an Australian citizen or permanent resident
– for new or existing homes, you must meet the criteria, that is one of the other eligible first home buyers must: move into the home within 12 months after settlement, and live in the property as your principal place of residence for at least 12 continuous months.
Call 0426 949 484 to discuss any property concerns you have.
