I am a first home buyer and am purchasing a property for $480,000. Can I get a stamp duty exemption?
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Answer by Neha Sharma, Hillsdale 2036 NSW
- The NSW government offers stamp duty exemption under its First Home- New Home Scheme.
- Eligible purchasers are given a concession on stamp duty under the scheme if they purchase a new home valued between $550,000 and $650,000 or vacant land valued between $350,000 and $450,000.
- You will only be eligible for stamp duty exemptions or concessions if you are:
- an Australian citizen or permanent resident;
- a person and not a company or trust;
- over 18 years of age;
- purchasing a first home. This includes a first home purchase for your spouse as you will not be eligible if your spouse (including de facto partner) has previously owned residential property in any state or territory of Australia; and
- able to move into the home within one year and then live there continuously for 6 months.