The stamp duty relief package will be available to people who choose to purchase a replacement home elsewhere instead of rebuilding.
People purchasing replacement homes will only begin paying stamp duty once the amount payable is over $55,000.
Eligible people who have already paid their stamp duty will be able to apply for a refund.
Treasurer Dominic Perrottet said the stamp duty relief package will allow people much more flexibility and financial freedom as they made one of their most important decisions in the recovery process.
“Losing your home is one of the worst things anybody has to face and deciding whether to rebuild or relocate is no doubt on a lot of minds,” Mr Perrottet said.
“This will allow people to weigh-up their options and if they do decide to purchase a replacement home, they can do so without the added financial burden and stress of paying stamp duty.”
Information on how to apply for a refund and eligibility requirements will be available from Service NSW and Revenue NSW websites from 10 March 2020.
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