More than 1,300 first home buyers on the Central Coast have received $29.5M in stamp duty support in the past 12 months.
Member for The Entrance David Mehan said that under the NSW Labor Government’s First Home Buyers Assistance program the Central Coast was the biggest winner with the largest number of first home buyers receiving assistance of any council area outside of Sydney and having the second most recipients of any council in NSW (behind Cumberland Council).
Member for Gosford Liesl Tesch said Coasties have saved an average of $22,250 on stamp duty, the suburb of Gosford being the biggest winner, with 394 families receiving support.
“Housing affordability on the Central Coast is an ongoing issue for our community and this program makes a real difference for Coasties who are looking to get into the property market for the first time, who may otherwise not have been able to afford to buy,” she said.
“I want to see the students that I taught live and thrive in our community, not be priced out of the region that they grow up.
“This program ensures that first home buyers across the Coast can continue to live with security and dignity, without having to move elsewhere to afford a home.”
Mehan said that more than 33,000 first home buyers across NSW had received substantial support towards buying their first home, thanks to the Minns Government’s focus on getting more people into more homes sooner.
First home buyers across NSW have saved an average of $20,479 on stamp duty and more than two thirds have paid no stamp duty at all, Mehan said.
“This makes a material difference for people while they save up for a deposit, helping them get into their dream home sooner,” he said.
“The Minns Government’s program is providing real cost of living support for people buying their first home, helping them deal with the single biggest cost of living pressure.”
The First Home Buyers Assistance program was expanded on July 1, 2023, increasing the threshold for a stamp duty exemption from $650,000 to $800,000 and lifting the stamp duty concession threshold from $800,000 to $1M.
Mehan said that the expanded thresholds meant more than 18,000 first home buyers received greater support than they would have under the previous government.
“This increased support has helped first home buyers on the Central Coast reach their goal of home ownership sooner, while keeping more money in their pockets,” he said.