Do first home buyers pay stamp duty in NSW?
Under the First Home Buyers Assistance Scheme, an eligible first home buyer in NSW pays no transfer duty on a home up to $800,000, and a concessional amount that tapers up to $1,000,000. Above that the full schedule applies, which on a $1.2 million home is a little under $50,000.
For vacant land the exemption runs to $350,000 with a concession to $450,000. You must be over eighteen, an Australian citizen or permanent resident, never have owned residential property in Australia, and move in within twelve months and live there for a continuous twelve months.
Duty is payable at settlement, so it has to come out of your deposit unless you are borrowing above eighty per cent, where some lenders will let costs be capitalised. Borrowable estimates the duty for your price and state and shows it next to your borrowing range.
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