2017 State Budget

2017-06-01

Ahead of the 2017 State Budget, the NSW Government announced a housing affordability package. This includes a range of measures to support first home buyers, such as:

  • abolishing stamp duty on all homes (existing and new) up to $650,000
  • reducing stamp duty for all homes (existing and new) between $650,000 and $800,000
  • providing a $10,000 grant for the building of a new home worth up to $750,000 (including building a home on vacant land)
  • providing a $10,000 grant for the purchase of a new home worth up to for the purchase of a new home worth up to $600,000
  • abolishing insurance duty on lenders mortgage insurance
  • removing the entitlement to defer payment of stamp duty for 12 months on off the plan purchases by investors.

Read about the first home buyer measures on the NSW Government website or Treasury website.

The changes are planned to take effect from 1 July 2017. Contracts dated before the changes commence will be subject to the same grants, concessions and conditions that currently apply.

Note: There have been no changes announced about the current concession for vacant land up to $450,000.
Last updated: 20 June 2017