New measures to help first home buyers
The government has developed a new comprehensive package to improve housing affordability across the state.
For first home buyers, the package will:
- abolish stamp duty on all homes up to $650,000
- give stamp duty relief for homes up to $800,000
- provide a $10,000 grant for builders of new homes up to $750,000 and purchasers of new homes up to $600,000
- abolish insurance duty on lenders’ mortgage insurance
- ensure foreign investors pay higher duties and land taxes
- no longer allow investors to defer paying stamp duty on off-the-plan purchases.
The package also considers the state’s growing population and the need to ensure that development occurs close to essential infrastructure such as roads, railway lines and schools.
Priority Precincts identified for growth and revitalisation will expand in Sydney to include more areas and fast-track the delivery of new homes in these areas. The expansion of these precincts, which will deliver around 30,000 additional homes, will allow for the acceleration of rezoning and for modern, more diverse developments to be built.
This expansion will increase the supply of housing in:
- Cherrybrook (government land)
- Frenchs Forest
- Leppington town centre
- Anzac Parade corridor
- Schofields town centre
- Seven Hills/Wentworthville
- St Leonards/Crows Nest
- Turrella/Bardwell Park
Premier Gladys Berejiklian said she wanted to ensure that owning a home was not out of reach for people in NSW.
“These measures focus on supporting first home buyers with new and better-targeted grants and concessions, turbocharging housing supply to put downward pressure on prices and delivering more infrastructure to support the faster construction of new homes,” Ms Berejiklian said.
“This is a complex challenge and there is no single or overnight solution. I am confident these measures will make a difference and allow us to meet the housing challenges for our growing state.”
Minister for Planning and Housing Anthony Roberts said the package included measures to speed up planning processes to ensure developments get off the ground as quickly as possible.
“While we have done well to release an unprecedented amount of land, we need to do better with our development application process to ensure we are keeping up with demand,” Mr Roberts said.