What Property is Exempt from Stamp Duty NSW?

If you're considering buying a property in New South Wales (NSW) and want to know which properties are exempt from stamp duty, you've come to the right place. In this comprehensive blog post, we will delve into the details of property exemptions from stamp duty in NSW and provide you with valuable insights on how to save money on your purchase.

Stamp duty is a tax imposed when purchasing a property in Australia. It is a significant cost that can substantially increase the overall expenses of buying a property. In NSW, the amount of stamp duty payable depends on the property's value and whether it is an existing or new home.

Fortunately, there are several exemptions available for stamp duty in NSW, which can help you save a considerable amount of money and make your property purchase more affordable.

The first exemption is specifically for first home buyers. If you are a first home buyer in NSW, you may qualify for a stamp duty exemption. To be eligible, you must be an Australian citizen or permanent resident, be over 18 years of age, and have never owned a property in Australia before. Additionally, the property you are purchasing should have a value of less than $650,000 or $800,000 for new homes.

The second exemption applies to off-the-plan purchases. If you are buying an off-the-plan property in NSW, you may be eligible for a stamp duty exemption. The eligibility criteria include being an Australian citizen or permanent resident, being over 18 years of age, and purchasing a property valued at less than $550,000.

The third exemption is for investors. If you are an investor in NSW, you may be eligible for a stamp duty exemption. To qualify, you must be an Australian citizen or permanent resident, be over 18 years of age, and be purchasing a property valued at less than $1 million.

The fourth exemption is tailored for seniors. If you are a senior in NSW, you may be eligible for a stamp duty exemption. To qualify, you must be an Australian citizen or permanent resident, be over 65 years of age, and be purchasing a property valued at less than $350,000.

The fifth exemption is designed for people with disabilities. If you have a disability in NSW, you may be eligible for a stamp duty exemption. To qualify, you must be an Australian citizen or permanent resident, be over 18 years of age, and be purchasing a property valued at less than $350,000.

The sixth exemption is available for veterans. If you are a veteran in NSW, you may be eligible for a stamp duty exemption. To qualify, you must be an Australian citizen or permanent resident, be over 18 years of age, and be purchasing a property valued at less than $350,000.

The seventh exemption applies to foreign buyers. If you are a foreign buyer in NSW, you may be eligible for a stamp duty exemption. The eligibility criteria include being a foreign citizen, being over 18 years of age, and purchasing a property valued at less than $1 million.

The eighth exemption is specific to foreign investors. If you are a foreign investor in NSW, you may be eligible for a stamp duty exemption. To qualify, you must be a foreign citizen, be over 18 years of age, and be purchasing a property valued at less than $1 million.

These are the eight main exemptions from stamp duty in NSW. If you meet the eligibility criteria for any of these exemptions, you can significantly reduce the amount of money you need to pay for stamp duty on your property purchase.

At Ello Lending, we understand the importance of saving money on your property purchase. Our team of experienced mortgage brokers is here to assist you in understanding the property exemptions from stamp duty in NSW and finding ways to save money on your purchase. Contact us today to gain expert

advice and guidance on securing the right home loan for your needs.