Debt, Investment, Money Management, Mortgages

NSW Government changes stamp duty rules for first-home buyers to prop up the economy

 July 31, 2020

By  Chase Edwards

The NSW Government has announced stamp duty will be temporarily scrapped for first-home buyers purchasing newly-built properties worth up to $800,000 and heavily discounted for homes priced up to $1 million.

The year-long initiative aims to provide an economic boost to the construction sector and inject confidence into the struggling property market amid the coronavirus recession. Commencing August 1, 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.

The government hopes easing the burden of buying a newly built property will stimulate the construction sector, which employs around 376,000 workers in NSW.

src: https://www.realestate.com.au/news/coronavirus-nsw-government-axes-stamp-duty-for-first-home-buyers-to-prop-up-economy/?rsf=syn:news:nca:news:spa:strap

{"email":"Email address invalid","url":"Website address invalid","required":"Required field missing"}

Get Stories Like This, Direct To Your Inbox