Stamp Duty For First Home Buyers To Be Waived On New Properties Worth Up To $800,000

An extension of stamp duty relief for first-home buyers announced this week by Premier Gladys Berejiklian, is expected to help Sydneysiders get into the property market faster with a new stamp duty exemption. 

The stamp duty exemption, which will be in place for twelve months commencing on 1 August 2020, will be lifted from $650,000 to $800,000 on new builds. 

In addition, the stamp duty concession threshold will also be raised from $800,000 to $1 million and the threshold on vacant land will increase from $350,000 to $400,000. 

The government expects that more than 6000 first home buyers will benefit from these changes which could now provide a maximum benefit of $32,335 for a first home buyer who is also using the existing $10,000 First Home Owner Grant available for house and land packages worth up to $750,000. 

This new exemption opens up a much bigger market to couples or families wanting to purchase their first home at Menangle Park. It will also help reduce the time it takes to save for a first home, by reducing upfront costs. 

Menangle Park Sales Manager, Jesse Johnson commented “I’m very pleased that the government has introduced the new stamp duty exemption to further support the first-home buyer segment in NSW. The current scheme has helped over 93,000 first home buyers since July 2017, and this will give them further support when looking to secure their first home at Menangle Park. Thousands of people will see their bank balances benefit from this change – and at the end of the day, it will get more keys into more front doors”.  

Menangle Park has a wealth of house and land packages for all home buyer categories and has just released another 33 lots. 

If you would like to find out more about why you get “More” at Menangle Park, then contact our Sales Manager Jesse Johnson on 0414 722 329, via email at sales@menanglepark.com.au or, drop by the new onsite Sales and Information Centre located at the intersection of Menangle and Cummins Roads, opposite Club Menangle.