SUPPORT FOR FIRST HOME BUYERS
Abolishing stamp duty for first home buyers
Stamp duty will be abolished for thousands of eligible first home buyers building or buying a new home.
The full abolition of the stamp duty will apply to new homes valued up to $650,000, with relief progressively phasing out for properties valued up to $700,000.
For the purchase of vacant land on which a new home will be built, stamp duty relief will be abolished on land valued up to $400,000, with relief phasing out for land valued up to $450,000.
The property value cap for the $15,000 First Home Owner Grant is also being increased to $650,000.
As a result of these measures, an eligible first home buyer who enters into a contract to purchase a new home valued at $650,000 on or after 15 June 2023 could receive relief of up to $44,580.
This measure is estimated to assist around 3,800 first home buyers each year.
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