Thousands of first home buyers will no longer pay stamp duty from tomorrow, when a fairer, simpler First Home Buyers Assistance Scheme (FHBS) begins.<\/p>\n\n\n\n
On Saturday 1 July, the threshold for stamp duty exemptions will increase from $650,000 to $800,000 and the threshold for stamp duty concessions will rise from $800,000 to $1 million.<\/p>\n\n\n\n
It means first home buyers purchasing a property up to $800,00 will pay no stamp duty, saving up to $30,735 under the changes.<\/p>\n\n\n\n
Based on the current housing market, NSW Treasury expects about 8600 first home buyers in the $650,000 to $800,000 range to pay no stamp duty over the next year, and about 4400 first home buyers in the $800,000 to $1 million range to pay a concessional rate of stamp duty.<\/p>\n\n\n\n
The former government\u2019s unfair \u201cforever\u201d land tax scheme gave people paying between $1 million and $1.5 million much larger stamp duty reductions than those able to afford homes up to $1 million.<\/p>\n\n\n\n
The former scheme closes on Friday 30 June 2023. Buyers who opted in will continue to pay property tax until they sell that property.<\/p>\n\n\n\n Suburbs where the house price median is between $650,000 and $800,000 include:<\/strong> Colyton, Hassal Grove, Cambridge Park, North St Marys, Richmond, Werrington, Rosemeadow, Warragamba, Leumeah and Whalan.<\/p>\n\n\n\n Suburbs where the apartment price median is between $650,000 and $800,000 include:<\/strong> Waitara, Ashfield, Padstow, Arncliffe, Kogarah, Petersham, Epping, Hillsdale, Sutherland and Wolli Creek.<\/p>\n\n\n\n Suburbs where the house price median is between $800,000 and $1 million include:<\/strong> Guildford, Smithfield, Casula, Liverpool, Ashcroft, Prestons, Fairfield Heights, Merrylands West, Seven Hills and Prospect.<\/p>\n\n\n\n Suburbs where the apartment median price is between $800,000 and $1 million include:<\/strong> Waterloo, Maroubra, Surry Hills, Ultimo, Lewisham, Leichhardt, Oatlands, Castle Hill and Baulkham Hills<\/p>\n\n\n\n Regional centres where the median house price is between $650,000 and $800,000 include:<\/strong> Valla Beach, Bellingen, Sandy Beach, North Arm Cove, Coffs Harbour, Batemans Bay, Queanbeyan West, Albury, Eden and Braidwood.<\/p>\n\n\n\n Treasurer Daniel Mookhey said:<\/strong><\/p>\n\n\n\n \u201cJuly 1 will be a great day for thousands of extra first home buyers who will now pay zero stamp duty on their first home purchase. <\/p>\n\n\n\n \u201cThese changes will help 5 out of every 6 first home buyers pay no stamp duty, or a concessional rate, and deliver a key election commitment.<\/p>\n\n\n\n \u201cThe changes implemented ensure first home buyer assistance in NSW is simpler and fairer, helping those who most need support.<\/p>\n\n\n\n \u201cWe know stamp duty can be a considerable barrier for first home buyers. The changes starting today will allow thousands of first home buyers to enter the market sooner and give them a boost when competing with other buyers.\u201d<\/p>\n","protected":false},"excerpt":{"rendered":" Thousands of first home buyers will no longer pay stamp duty from tomorrow, when a fairer, simpler First Home Buyers Assistance Scheme (FHBS) begins. On Saturday 1 July, the threshold for stamp duty exemptions will increase from $650,000 to $800,000 and the threshold for stamp duty concessions will rise from $800,000 to $1 million. It … Continue reading “Stamp duty axed for thousands of first home buyers from July 1”<\/span><\/a><\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[4],"tags":[],"class_list":["post-21591","post","type-post","status-publish","format-standard","hentry","category-nswnews"],"_links":{"self":[{"href":"http:\/\/www.16news.com.au\/index.php\/wp-json\/wp\/v2\/posts\/21591","targetHints":{"allow":["GET"]}}],"collection":[{"href":"http:\/\/www.16news.com.au\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"http:\/\/www.16news.com.au\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"http:\/\/www.16news.com.au\/index.php\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"http:\/\/www.16news.com.au\/index.php\/wp-json\/wp\/v2\/comments?post=21591"}],"version-history":[{"count":1,"href":"http:\/\/www.16news.com.au\/index.php\/wp-json\/wp\/v2\/posts\/21591\/revisions"}],"predecessor-version":[{"id":21592,"href":"http:\/\/www.16news.com.au\/index.php\/wp-json\/wp\/v2\/posts\/21591\/revisions\/21592"}],"wp:attachment":[{"href":"http:\/\/www.16news.com.au\/index.php\/wp-json\/wp\/v2\/media?parent=21591"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"http:\/\/www.16news.com.au\/index.php\/wp-json\/wp\/v2\/categories?post=21591"},{"taxonomy":"post_tag","embeddable":true,"href":"http:\/\/www.16news.com.au\/index.php\/wp-json\/wp\/v2\/tags?post=21591"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}Purchase price<\/th> Stamp duty without FHBAS<\/th> New stamp duty with FHBAS<\/th> Savings<\/th><\/tr><\/thead> $650,000<\/th> $23,985<\/td> $0<\/td> $23,985<\/td><\/tr> $750,000<\/th> $28,485<\/td> $0<\/td> $28,485<\/td><\/tr> $800,000<\/th> $30,735<\/td> $0<\/td> $30,735<\/td><\/tr> $850,000<\/th> $32,985<\/td> $9,934<\/td> $23,051<\/td><\/tr> $900,000<\/th> $35,235<\/td> $19,868<\/td> $15,367<\/td><\/tr> $950,000<\/th> $37,485<\/td> $29,801<\/td> $7,684<\/td><\/tr> $990,000<\/th> $39,285<\/td> $37,748<\/td> $1,537<\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n