{"id":9477,"date":"2023-07-31T21:48:56","date_gmt":"2023-07-31T11:48:56","guid":{"rendered":"https:\/\/mnygroup.com.au\/?p=9477"},"modified":"2025-02-18T21:38:41","modified_gmt":"2025-02-18T10:38:41","slug":"impact-of-new-stamp-duty-nsw-to-the-first-home-buyer","status":"publish","type":"post","link":"https:\/\/mnygroup.com.au\/en\/impact-of-new-stamp-duty-nsw-to-the-first-home-buyer\/","title":{"rendered":"The Impact of New Stamp Duty in NSW to the First Home Buyer in FY2024\u00a0"},"content":{"rendered":"\n

Stamp Duty Exemption for First Home Buyer in NSW<\/strong><\/strong><\/h2>\n\n\n\n

As of July 2023, the NSW government has made changes to the First Home Buyers Assistance Scheme, that is, If you are purchasing a new or existing property worth up to $800,000 as of 1 July 2023, you will be fully exempt from transfer duty; likewise, residences worth more than $800,000 but less than $1,000,000 may be eligible for a concessional rate. <\/p>\n\n\n\n

You may be eligible for an exemption for land up to $350,000 and a concessional rate for land worth over $350,000 but less than $450,000 if you’re buying unoccupied land with the intention of building a house on it. <\/p>\n\n\n\n

What is the First Home Buyers Assistance Scheme<\/strong><\/strong>?<\/h2>\n\n\n\n

f you buy your home in NSW for the first time, the First Home Buyers Assistance Scheme may be qualified to you, for receiving a full or partial exemption of transfer duty. <\/p>\n\n\n\n

Before 1 July 2023, the first home buyer in NSW may receive a full exemption on transfer duty for the property value equal to or less than $650,000 and a concession rate for the property value between $650,000 and $800,000. After the new stamp duty policy released on 1 July 2023, the first home buyer in NSW can receive a full exemption on transfer duty for the property equal to or less than $800,000 and a concession rate for the property value between $800,000 and $1 million. <\/p>\n\n\n\n

Who is eligible for this stamp duty exemption?<\/strong> <\/strong><\/h2>\n\n\n\n

Stamp duty is a tax charged by a state or territory government on particular documents or transactions. These include vehicle purchases, insurance policies, leasehold mortgages, and real estate sales. The amount of stamp duty is generally charged uniformly or determined according to the transaction amount. In real estate transactions, stamp duty is paid by the buyer. <\/p>\n\n\n\n

To be eligible for the First Home Buyers Assistance Scheme, you need to meet the following criteria: <\/p>\n\n\n\n