COVID-19 (NSW): stamp duty reduced for first home buyers
The NSW Government will reduce stamp duties on newly built homes and vacant land for eligible first home buyers from 1 August 2020.

The threshold above which stamp duty will be charged on new homes for eligible first home buyers will increase from $650,000 to $800,000, and concession on higher values will be reduced before phasing out at $1m. The stamp duty threshold on vacant land will rise from $350,000 to $400,000 and will phase out at $500,000.

The changes, announced as part of the NSW Government's COVID-19 recovery plan, will apply to contracts executed from 1 August 2020 to 31 July 2021. The changes will be available to first home buyers who purchase a new home or a vacant block of land on which they intend to build a new home. The changes will not apply to existing homes.

Indicative tax threshold changes from 1 August 2020 to 31 July 2021
Property type

Existing stamp duty amount for eligible first home buyers

New stamp duty amount for eligible first home buyers

Saving

Vacant land $350,000

$0

$0

No change

Vacant land $400,000

$7,793

$0

$7,793

New home $650,000

$0

$0

No change

New home $700,000

$10,445

$0

$10,445

New home $800,000

$31,335

$0

$31,335

New home $900,000

$35,835

$20,168

$15,668

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