First home buyers back in the game
Thousands of first home buyers have rallied to take advantage of stamp duty exemptions available since the introduction of the NSW Government’s new relief package.
New figures from Revenue NSW show 10,496 individuals and families have secured the keys to their first home with the help of the First Home Buyers Assistance Scheme since July, representing a 239 per cent increase compared to the 3,094 over the same period last year.
Premier Gladys Berejiklian said the result shows the government’s cost of living measures are making a real difference.
“We are thrilled that people are taking advantage of the exemptions which are slashing the cost of purchasing their first home,” Ms Berejiklian said.
“We know that saving up for your first home can be difficult, and so removing or reducing the amount of stamp duty is helping lower the hurdle for first home buyers.”
Mr Perrottet said the figures are the highest they have been in five years of people using government relief to achieve the great Australian dream.
“In just a few short months our reforms have changed the game for first home buyers in New South Wales,” Mr Perrottet said.
“Few things are more important than having a place to call home, and this data clearly demonstrates that the stamp duty exemptions are helping more people to achieve that.”
Mr Roberts noted the exemptions granted are now averaging 2,624 a month, compared to 825 in the month of June 2017, immediately before the relief package was introduced.
“We’re committed to continuing to help first home owners to enter the market. Since the NSW Liberals & Nationals came to office in 2011, housing approvals and construction in New South Wales have reached record highs” Mr Roberts said.
Under the First Home Buyers Assistance Scheme, stamp duty is eliminated altogether for properties up to $650,000 while concessions are also available for between $650,000 and $800,000.
The changes enable first home buyers to access stamp duty relief for both new and existing homes.