First home buyers on the Central Coast are set to save, with the NSW Government introducing legislation into NSW Parliament to deliver on its election commitment to create a simpler, fairer stamp duty concession scheme.
Under the changes, stamp duty exemptions for first home buyers will be lifted from $650,000 to $800,000 and stamp duty concessions from $800,000 to $1M.
This means a first home buyer purchasing a $800,000 home will save up to $31,090.
With the growth of house prices on the Coast slowing, the new scheme will provide additional relief to ensure more first home buyers have a chance of owning their home.
The legislation will also improve the integrity and targeting of first home buyer assistance programs, increasing the requirement to live in the home from six months to 12 months and offering greater support to those living in regional NSW.
Premier Chris Minns said he understood the stress of buying a first home.
“I want more singles, couples and families realising this dream.,” he said.
“This is a fairer and simpler system to ensure more first home buyers have a chance of owning their first property.”
Treasurer Daniel Mookhey said the move delivers on a key election promise.
“This policy will deliver the most help to the first home buyers most at risk of leaving the housing market all together as interest rates go up,” he said.
“Now five out of every six first home buyers will get help to own the roof over their heads.
“It will benefit more first home buyers overall and more fairly goes to those who need it most.
“The new thresholds for stamp duty exemptions and concessions are a simpler and fairer way to help more first home buyers than the property tax, which helped a smaller cohort of first home buyers.”
Source:
NSW Government