ARTICLE · 19 JUNE 2017

A stamp duty boost for first home buyers in NSW

Watkins Tapsell

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NSW announces sweeping changes to stamp duty laws for first home buyers, overseas investors and off the plan purchasers.

AustraliaTax

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The State Government has announced sweeping changes to stamp duty laws for first home buyers, overseas investors and off the plan purchasers. Said to provide a 'fair go' for first home buyers, there are 6 main changes coming into effect from 1 July 2017:

First home owners will be exempt from stamp duty for new and existing properties up to $650,000 (currently only $550,000 on new homes only).
Stamp duty will be discounted for first home buyers purchasing new and existing properties up to $800,000 (currently up to $650,000 on new homes only).
Stamp Duty on lenders mortgage insurance to be abolished (currently incurs duty at 9%).
The foreign investor stamp duty surcharge will increase (to 8%), as will the foreign investor surcharge on land tax (up by 0.75%). Land tax for foreigners will also apply to companies if there is a 20% or greater foreign ownership. Land tax for foreigners will apply in regard to the surcharge on their principal place of residence.

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