Changes to Stamp Duty — How you could save thousands

As of Saturday 1st July 2023, the stamp duty exemption threshold has increased from $650,000 to $800,000, while the threshold for stamp duty concessions rose from $800,000 to $1 million.

This is great news for first home buyers, as many will not have to pay and stamp duty for their first homes. It means that people buying their first home worth less than $800,000 will not have to pay stamp duty and houses worth less than $1 million will have to pay up to $30,735. The NSW Treasury forecasts that around 8600 people will not need to pay stamp duty over the next year, as they are within the $650,000 to $800,000 range.

Who is eligible for this scheme?

This exemption of stamp duty applies to people

• Buying an existing home (currently renting)

• Buying a new home

• Building a home on vacant land

Furthermore, requirement needed to fall into this scheme include

• Buyers must be adults over the age of 18

• Companies and trusts are not eligible for this scheme

• You must never have owned/co-owned a home in Australia

• Requirement of Australian citizenship or permanent residency

How to Apply

You can apply for the First Home Buyers Assistance Scheme Application through the government website links:

For contracts exchanged on or after 1 July 2023, use:

First Home Buyers Assistance Scheme Application ODA 066B

For contracts exchanged on or before 30 June 2023, use:

First Home Buyers Assistance Scheme Application ODA 066A

Requirements for living in the property

You or one of the other eligible first home buyers must:

• Move into the home within 12 months after settlement

• Live in the property as your principal place of residence for at least 12 continuous months.

Further information can be found at First Home Buyers Assistance scheme

Do you think you might be eligible for a first home buyer's stamp duty exemption or concession? Phone Wainwright Legal today for a confidential discussion.