If you’re a first home buyer, you may be entitled to a concessional rate of transfer duty or even an exemption from paying it altogether under the First Home Buyers Assistance scheme (FHBAS).
Purchasing a House & Land Package
When purchasing a vacant parcel of land with the intention of building a new home, as a first home owner, you won’t pay any stamp duty on vacant land worth up to $350,000. Land valued between $350,000 to $450,000 will attract a reduced rate. See below as a guide:
Purchasing a Ready Built Home
Your Ready Built Home needs to be valued less than $650,000 for you to be entitled to a full exemption and have no stamp duty to pay.
If your Ready Built Home package is more than $650,000 and less than $800,000, you will receive a reduction in stamp duty. As a guide, here is a summary of stamp duty payable based on the new home price:
Note: Figures quoted are accurate as at March 2020 and are to be used as a guide only. Refer to your financial institution or conveyancer at the time of purchase for a calculation of duties payable.
Refer to the NSW Revenue Website for more information on eligibility requirements or contact us for further guidance.