Stamp Duty Rules Change

2023 Update: NSW Stamp Duty Rules Change to Benefit First Home Buyers

Buying a home is an exciting milestone, but has always come with significant out of pocket costs, including stamp duty. The New South Wales (NSW) government has now changed the system, saying this will make home ownership more affordable.

As of July 1, 2023 eligible first home buyers can apply for a full exemption from transfer (stamp) duty if they are purchasing newly built homes valued up to $800,000. This threshold was previously set at $650,000. Additionally, if the property's value falls between $800,000 and $1 million, there are concessional rates available, which will reduce the amount of stamp duty owed.

For those looking to purchase vacant land to build a home, there are also exemptions and concessional rates based on the land's value. For land valued up to $350,000, buyers can apply for a full exemption from transfer duty, and for land valued between $350,000 and $450,000, concessional rates are available.

On or after 1 July 2023

If you had already opted in to the First Home Buyer Choice and elected to pay an annual property tax instead of paying Stamp Duty, this will remain in place until you sell the property.