NSW Stamp Duty from 1 July 2017

As you would be aware by now, the NSW State Government is implementing measures to improve the housing affordability across the state. The primary changes are designed to help first home buyers. The government will increase grants and extend concessions available on stamp duty for existing properties.

That means there is no stamp duty if you purchase an existing property up to the value of $650,000. First home buyers of new properties will also receive a grant of $10,000 on homes purchased up to the value of $750,000.

For all the stamp duty concessions, please see table below.

First home purchase price

Ordinary stamp duty

Savings for first home buyers 

of new dwellings*

Savings for first home buyers 

of existing dwellings*

 

$500,000

$17,990

$28,768

$18,768

 

$550,000

$20,240

$31,451

$21,451

 

$600,000

$22,490

$34,361

$24,361

 

$650,000

$24,740

$26,857

$26,857

 

$700,000

$26,990

$18,786

$18,786

 

$710,000

$27,440

$17,172

$17,172

 

$750,000

$29,240

$10,950

$10,950

 

$775,000

$30,365

$6,922

$6,922

 

$800,000

$31,490

$2,896

$2,896

 

 

The other significant change affects investors who buy off-the-plan. They will no longer receive the 12 month stamp-duty deferral.

Call me, your Expert Mortgage Broker on 9525 0112 if you have any questions on the above or if you would like me to calculate your affordability with the above changes in mind. 

Posted in: First home buyers

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