Stamp Duty Relief From The State Government
- Posted By Pasang Sherpa
The NSW Government has declared to provide stamp duty relief to the first-home-buyers with a sole purpose to assist the economy amid the COVID-19 Pandemic.
The Berejiklian Government has announced that First-Home-Buyers acquiring new properties costing up to $ 800,000 will be relieved of stamp duty by the state government which is to be made effective from the start of August. Furthermore, homes worth up to $ 1 Million will also be receiving a discount on stamp duty.
With a relief on new homes changes have also been announced upon the stamp duty threshold on unoccupied lands. This change will be increasing the stamp duty threshold on vacant lands by an additional $ 50,000 raising the threshold amount to $ 400,000 from previous $ 350,000 which will be phasing out at $ 500,000.
The changes to be implicated will be applicable only for newly built homes and unoccupied lands which means that existing homes will not be eligible. The total time period for this incentive will be a total of 12 months starting from 1 August.
This incentive by the government is expected to benefit builders and homebuyers and uplift the employment trend in the housing industry. The property market is expected to bounce back following this announcement.