First home buyers in NSW are to enjoy significant savings under recently passed legislation to make stamp duty exemptions and concessions available to more people.
Welcoming the passage of the First Home Buyer Legislation Amendment Bill 2023, Treasurer Daniel Mookhey said the reform meant five out of every six first home buyers would pay no stamp duty or a concessional rate under the new system.
“Our simpler, fairer system will help first home buyers, allowing them to enter the market sooner and giving them a boost when competing with other buyers,” Mr Mookhey said.
“Under the reforms, the stamp duty exemption threshold will rise from $650,000 to $800,000 on July 1, 2023,” he said.
“Additionally, stamp duty concessions will apply to properties worth between $800,000 and $1 million.”
Mr Mookhey said the measures would see first home buyers save up to $31,090.
He said the previous Government’s “forever” land tax scheme would close at the end of this month (30 June) however, grandfathering provisions meant anyone who opted into it would be able to continue paying land tax until they sold their property.
“The reform means that 84 per cent of first home buyers will be able to access the assistance, giving them an advantage over investors bidding for the same property,” the Treasurer said.
“Based on current market conditions, NSW Treasury expects around 8,600 first home buyers each year to qualify for a total exemption from stamp duty, and 4,400 people to enjoy a concessional rate of stamp duty.”
