First home buyers often face strong competition for properties from investors. To help counter this, the NSW Government is abolishing the 12-month deferral of duty for residential off-the-plan purchases by investors.
Buyers who are purchasing a home they plan to live in off-the-plan (regardless of whether they are first home buyers or not) will still be entitled to a 12-month delay in the payment of stamp duty, deferring payment from 3 to 15 months after the date of the contract. But this concession will be closed to investors.
This policy will take effect from 1 July.