NSW Stamp Duty paused for 12 months

Discussion in 'Loans & Mortgage Brokers' started by ItsMeTino, 27th Jul, 2020.

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  1. ItsMeTino

    ItsMeTino New Member

    Joined:
    14th Jun, 2020
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    Location:
    Sydney
    Hi
    I’m a FHB and building also so have been stalking lots of forums to school myself so I can try and make informed decisions.

    I was excited to hear about the new announcement today by NSW Government re temp pausing of stamps for FHB for 12 months..

    (Apologies I am typing this on mobile and don’t know how to link articles into the thread to enable proper context..)

    Note I have already sent a query to my solicitor about this and checked the OSR website but their details have yet to be updated to reflect the new announcement (I note this is still very fresh and new info so don’t expect that many would have lots of answers..)

    Specifically:

    1. Temporary stamp duty pause starts 1 August and will be effective for 12 months. Would that be from contract exchange or settlement?

    2. I have vacant land which is due to settle next week (450k); does this mean I won’t have to pay ANY stamps or will I pay discounted fee given the threshold has now lifted (for vacant land) from 350k to 400k and caps at 500k

    Appreciate any advice or information anyone has :)
     
    ItsMeTino, 27th Jul, 2020
    #1