As part of COVID-19 stimulus measures, the NSW Government has announced additional stamp duty concessions for buyers looking to purchase their first home from 1 August 2020 to 31 July 2021 in the State Revenue Legislation Amendment (COVID-19 Housing Response) Act 2020.

To support housing construction and housing affordability in NSW, the most generous concessions will be afforded to buyers of new homes, with full stamp duty exemptions for new homes valued at up to $800,000 and a concessional rate of stamp duty available for new homes valued between $800,000 and $1 million.

Buyers of vacant land will not be required to pay any stamp duty on land valued at less than $400,000, and a concessional rate of duty will apply to land valued between $400,000 and $500,000.

Meanwhile, the thresholds for buyers of existing homes will remain at $650,000 for a full exemption and $800,000 for a concessional rate of duty, however the concessional rate will be calculated differently during this period and will result in further savings for eligible first home buyers.