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Slashed stamp duty gives a positive boost for first home buyers

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The new scheme released by the Australian Government for first home buyers is a game-changer and a welcome helping hand during these tough times.

For first home buyers, under the new scheme, the threshold that Stamp Duty will be charged on new homes will increase from the current $650,000 to $800,000, with the concession reducing on higher values before phasing out at $1 million. The stamp duty threshold on vacant land will rise from $350,000 to $400,000 and will phase out at $500,000.

Therefore, Stamp Duty is completely eliminated for first home buyers buying a new home under $800,000 or vacant land under $400,000.

The change to the thresholds only applies to building or buying a brand-new home and vacant land, and will be available for 12 months, starting on 1 August 2020.

The grant is administered and funded by the state and territories, and the amount and eligibility vary. To check if you qualify, go to www.firsthome.gov.au

This temporary axe on Stamp Duty for new homes under $800,000 is a fantastic opportunity for first home buyers to take advantage of to save thousands of dollars.

Other First Home Buyer Schemes

The Australian Government also has a scheme in place offering a $10,000 homeowner grant, available to first home buyers buying a new home no more than $600,000 or purchasing land and building a new home worth no more than $750,000 in total.

At Unity Bank, we have a dedicated web page to help first home buyers through the process of purchasing their first home. Click here to check it out. 

Need more help?

If you need to speak to someone further about the above new scheme or if you would like to have a chat to a home loan specialist about your options, please give us a call on 1300 65 4477, and one of our Lending Specialists will help you.

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