NSW Government changes to Stamp Duty to tackle housing affordability – Reiko Reynolds
1st Jul 2017
On 1 June 2017, the NSW Government announced various changes to Stamp Duty to improve housing affordability.
The effect of the changes is that for any contracts dated on or after 1 July 2017:
– No Stamp Duty is payable on all homes up to $650,000;
– Concessions on Stamp Duty apply to all homes up to $800,000;
– $10,000 grant is available for builders of new homes up to $750,000 and purchasers of new homes up to $600,000.
– Insurance Duty on Lender’s Mortgage Insurance is no longer payable;
– Foreign investors are to pay higher duties and land taxes;
– Investors are no longer allowed to defer paying stamp duty on off-the-plan purchases (Purchasers who are buying a home as a primary place of residence off-the-plan, will be still entitled to 12-month delay in the payment of stamp duty).