24,000 first homebuyers a year to benefit from stamp duty relief

The NSW Government’s new stamp duty concessions are expected to support around 24,000 people trying to get a foot on the property ladder, Premier Gladys Berejiklian has announced.

The Government this week announced it would help first homebuyers through a raft of changes, including stamp duty exemptions, which will save first home buyers up to $34,360.

“We know how hard it can be to save for a deposit on a first home and want to ensure the great Australian dream is not out of reach for people in NSW,” Ms Berejiklian said.

“With our Budget firmly in the black, we are in a position to be providing this generous support to prospective first homebuyers, benefiting around 24,000 people a year.”

The NSW Government last week announced new stamp duty concessions which could save first homebuyers up to $34,360. The package included:

• Abolishing all stamp duty for first homebuyers on existing and new homes up to $650,000 and stamp duty discounts up to $800,000. These changes, to be introduced on July 1 2017, will provide savings of up to $24,740 for first homebuyers;
• Abolishing the stamp duty charged on lenders’ mortgage insurance, which is often required by banks to lend to first homebuyers with limited deposits, providing a saving of around $2,900 on an $800,000 property;

Ms Berejiklian was in Blacktown on Saturday where more than half of home sales in the last year were below $650,000 and more than three-quarters were below $800,000.

Around half of the homes purchased in NSW in the last year were sold below $650,000 and almost two-thirds were sold below $800,000.