NSW summons first home buyer patsies

The New South Wales government will temporarily increase the price threshold at which stamp duty does not apply for first-home buyers of newly constructed dwellings. People buying their first home in the state currently pay no stamp duty on new homes that cost up to $650,000, but this will be increased to $800,000 from 1 August with tapered discounts for properties valued up to $1 million:

“Thousands of people will see their bank balances benefit from this change – it will help get more keys into more front doors of more new homes,” Ms Berejiklian said.

The stamp duty waiver also applies to vacant land valued up to $400,000, with the state government anticipating more than 6000 first-home buyers to participate in the scheme…

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