Home stamp duty cut to zero in NSW

The New South Wales government has announced plans to introduce Australia’s first zero per cent stamp duty.

Treasurer Eric Roozendaal confirmed that as part of a two-year plan, beginning on July 1st this year, people purchasing properties off-the-plan in NSW will pay no stamp duty – a saving worth up to $22,490 each, the AAP reported.

It was also revealed that people over 65 will get a stamp duty exemption for the same period to help them downsize to new homes.

"This will apply to people over 65 who sell their primary place of residence and move to a newly-constructed home – whether it is house or an apartment," Mr Roozendaal said.

He claimed that the measures would help to boost housing supply and housing construction rates across the state – a move that could also support Aussies looking to compare home loans and secure a property.

The announcement came as the NSW government said it had bounced back into a budget surplus of $101 million for the 2009/10 financial year following a deficit the previous year.

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