NSW Stamp Duty and First Home Owner Grant Changes

June 02, 2017
Adam Broughton

Yesterday the NSW government announced changes to Stamp Duty concessions for First Home Buyers as well as changes to the FHOG

For Contracts exchanged from 1 July 2017 first home buyers will receive a full stamp duty concession on purchasing a new or existing dwelling up to a value of $650,000. Partial concession will be available for purchases above $650,000 up to $800,000. Currently, the full concession is available on the purchase of new homes up to $550,000, with partial concessions up to $650,000

There is no mention of changes to the concessions for purchasing vacant land. 

The First Home Owners Grant (FHOG) will also change from 1 July 2017. 

Currently, a Grant of $10,000 is available for the purchase or construction of a new house or unit up to the value of $750,000

This will change to: 
$10,000 FHOG for the purchase of a new dwelling up to a value of $600,000
$10,000 FHOG for the construction of a new home up to the value of $750,000.

Finally, in a move that may save home buyers requiring lenders mortgage insurance, the 9% stamp duty currently applying to LMI insurance premiums in NSW is to be abolished.

The current $5,000 building boost available to non-first home owners and investors building new homes will be abolished from 1 July 2017

Posted in: First home buyers

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