First home buyer stamp duty in NSW, explained

0:00Hi, Sumit again from RyRo Loan Centre Senior Mortgage Advisor. Let's talk about the concession number two for the first home buyers, which is the stamp duty concession. It's really simple, but I often get a lot of calls people are confused about what this is and how it works. It's really simple guys if you are first home buyer you're in New South Wales.

0:24You're buying your first property and the value of that is under $800,000 you pay no stamp duty. That's as simple as it gets no stamp duty under $800,000 if you go above 800 up to 1 million dollars purchase price. You get a discount being a first home buyer and those discounts can be calculated on my website

0:48ryroloancentre.com.au under the calculator stamp duty calculator. There is also which is not relevant these days, but there is a vacant land concession as well in New South Wales. If the value of the land is under $350,000 no stamp duty if the value of the land is above 350.

1:10But less than 450 you still get a discount on stamp duty and again that that can be calculated as well. On the website under stamp duty calculators.