• Aron Cardona

NSW Stamp Duty Changes

mortgage broker manly

The Berejiklian government will make the biggest overhaul to stamp duty in 30 years delivering a tax break to future home buyers that will grow over time.

Stamp duty is currently levied on residential property purchases using price brackets and rates that rise from 1.25 per cent under $30,000 to 5.02 per cent over $3 million.

The brackets have remained largely unchanged since 1986 despite the increase in property prices since then.

Under the new changes, the seven price bands, or brackets, which determine how much stamp duty is paid by home purchasers will start to adjust with inflation from the middle of next year.

The government says the changes will cut the average amount of stamp duty per property transaction by around $500 by 2021 but the savings will rise over time.

Not life changing but a welcomed adjustment considering how much has changed in property over the last 30 years.

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