NSW Government changes to Stamp Duty to tackle housing affordability – Reiko Reynolds

1st Jun 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).