Ahead of the 2017 State Budget, the NSW Government announced a housing affordability package. This includes a range of measures to support first home buyers, such as:
abolishing stamp duty on all homes (existing and new) up to $650,000
reducing stamp duty for all homes (existing and new) between $650,000 and $800,000
abolishing insurance duty on lenders mortgage insurance
removing the entitlement to defer payment of stamp duty for 12 months on off the plan purchases by investors.
Read about the first home buyer measures on the NSW Government website.
The changes are planned to take effect from 1 July 2017. Contracts dated before the changes commence will be subject to the same grants, concessions and conditions that currently apply.
For first home buyers acquiring vacant land to build their first home, the benefits remain the same.
After reading the NSW Government information, you may also wish to seek legal or other professional guidance for your personal circumstances.
This page will be updated as information becomes available.
