First home buyers and the construction industry in rural and regional areas are big winners under a targeted boost by the NSW Nationals in the state government to eliminate stamp duty on newly-built homes below $800,000 and slash thousands of dollars for properties up to $1 million.

“This is a fantastic opportunity that I encourage local first home buyers and those planning to build a new home to take advantage of,” NSW Nationals Member for Coffs Harbour Gurmesh Singh said.

“This boost will provide much needed support for housing construction and support local jobs in the building industry at a time when we need them more than ever before.

“Hundreds of our residents could see their bank balances benefit from this change – that dream of owning or building a new home doesn’t have to be just a dream.”

Under the changes the threshold above which stamp duty will be charged on new homes for first home buyers will increase from the current $650,000 to $800,000, with the concession reducing on higher values before phasing out at $1 million.

Stamp duty threshold on vacant land will rise from $350,000 to $400,000 and will phase out at $500,000.

The change to the thresholds will only apply to newly-built homes and vacant land, not to existing homes, and will last for a 12-month period, commencing on August 1, 2020. Other purchases will continue to benefit from existing schemes.

Mr Singh said the changes would save first home buyers stamp duty of up to $31,335 on a new $800,000 home.

The NSW Nationals in the state government will also continue to offer a $10,000 First Home Owner Grant, which is available to people buying a new first home worth no more than $600,000, or buying land and building a new first home worth no more than $750,000 in total.

More information on the first home buyer assistance schemes will become available here: revenue.nsw.gov.au/grants-schemes/first-home-buyer/assistance-scheme.