NSW Government To Lift Stamp Duty Threshold For First Home Buyers

Stamp Duty is one of the biggest hand brakes on home ownership, particularly for first-home buyers. 

However, the New South Wales government will replace the first home buyer land tax option with increased stamp duty concessions.

This means five out of six home buyers will pay reduced or no stamp duty. So how will these changes affect you, and what does the new policy imply?

Click the link below to listen the full episode:

On today’s This Arvo In Sydney, host Sacha Barbour Gatt and LiSTNR journalist Kimberley Braddish spoke about the impacts brought by this change and whether it would be easier for Sydneysiders to purchase their dream homes.

The government says that changes to the first home buyer scheme will mean properties valued up to $800,000 will be exempt from stamp duty, lifting it from $650,000.

Braddish said the stamp duty had reached a record-high number with almost $49,300 per transaction last year, taking 55 per cent of the average full-time salary.

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Concessions will apply to properties worth up to $ 1 million, up from $800,000 from the previous government.

It means 84% of first home buyers will pay no stamp duty or a reduced rate under the reforms,”

Braddish said.

The Government says a first home buyer purchasing an $800,000 property will save up to $31,090 under the changes,”

she added.

The NSW government also says that the new legislation will impose more strict scrutiny on first-home buyer concessions by adding an eligibility requirement.

NSW Premier Chris Minns said:

I understand the stress of trying to purchase your first home. I want more singles, couples and families realising this dream.”

Hosted by Sacha Barbour, This Arvo in Sydney is a 10 to 12 minute daily news podcast made just for Sydney! Listen now on the Listnr app.