Stamp duty, also known as transfer duty, is a tax you’ll need to pay when you buy a property. But with the right concessions, you could dramatically reduce or even eliminate this expense. Let's walk you through how these concessions work, so you can make the most of your home-buying journey.
Stamp duty is a tax the NSW Government charges on property purchases, calculated based on the property’s dutiable value. As of July 2024, these are the current stamp duty rates in NSW.
If you’re buying your first home, you might be eligible for an exemption or a concessional rate.
If you’re thinking about buying vacant land and building your first home, you could also qualify for stamp duty concessions or exemptions.
Stamp duty can be one of the biggest upfront costs when buying a home, especially if you’re a first-time buyer already dealing with saving for a deposit, legal fees, and other associated expenses. That’s why these concessions are so important—they make home ownership more accessible for people like you.
For example, buying a new or existing home for $820,000 would normally mean paying $31,429 in stamp duty. With the concession, you’d only pay $3,952.90, saving you $27,476.10. Or, if you're buying vacant land valued at $360,000 you would normally pay $10,769 in stamp duty. With the concession, you'd only pay $1391.90, saving you $9,377.10. This money could go towards your deposit. A larger deposit means a better Loan to Value Ratio (LVR). A lower LVR means you can potentially avoid the need for Lenders Mortgage Insurance and get access to better interest rates.
Want to work out your own stamp duty for your property purchase? Then run the numbers using our unique Plans tool. Only at UNO.
If you’re ready to explore your options and see how much you could save, don’t hesitate to reach out. A UNO broker can provide expert guidance, making sure you get the most out of the available concessions and find the perfect loan to suit your needs.
Get in touch with a UNO broker today and take the first step towards making your dream of homeownership a reality!
If you’re a first-time home buyer in New South Wales (NSW), you might be wondering, Do first home buyers pay stamp duty? The good news is, there are generous concessions available that can help you save significantly on this cost.
Source: Revenue NSW
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