The Cootamundra electorate’s first home buyers and the construction industry are big winners under a targeted boost by the NSW Nationals in government to eliminate stamp duty on newly-built homes below $800,000 and slash thousands of dollars for properties up to $1 million.
“This is a fantastic opportunity for people to get in to the housing market for the first time, whether it be those buying or building their first home,” Ms Cooke said.
“This boost will provide much needed support for housing construction across the Cootamundra electorate and support local jobs in the building industry at a time when we need them more than ever before.
“This change will make the dream of home ownership a reality for many people.”
Under the changes the threshold above which stamp duty will be charged on new homes for first home buyers will increase from the current $650,000 to $800,000, with the concession reducing on higher values before phasing out at $1 million.
Stamp duty threshold on vacant land will rise from $350,000 to $400,000 and will phase out at $500,000.
The change to the thresholds will only apply to newly-built homes and vacant land, not to existing homes, and will last for a 12-month period, commencing on 1 August 2020. Other purchases will continue to benefit from existing schemes.
The NSW Government will also continue to offer a $10,000 First Home Owner Grant, which is available to people buying a new first home worth no more than $600,000, or buying land and building a new first home worth no more than $750,000 in total.
More information on the first home buyer assistance schemes will become available here: revenue.nsw.gov.au/grants-schemes/first-home-buyer/assistance-scheme
INDICATIVE TAX THRESHOLD CHANGES
|Property type||Existing stamp duty amount for eligible first home buyers||New stamp duty amount for eligible first home buyers||Saving|
|Vacant Land $350,000||$0||$0||No change|
|Vacant Land $400,000||$7,793||$0||$7,793|
|New home $650,000||$0||$0||No change|
|New home $700,000||$10,445||$0||$10,445|
|New home $800,000||$31,335||$0||$31,335|
|New home $900,000||$35,835||$20,168||$15,668|
|Existing home $650,000||$0||$0||No change|
|Existing home $800,000||$31,335||$31,335||No change|