The NSW Government has introduced legislation into NSW Parliament to deliver on its election commitment to create a simpler, fairer stamp duty concession scheme.
Swansea first home buyers can expect to save, with the new scheme delivering support to first home buyers most at risk of leaving the housing market all together as interest rates go up.
Under the changes introduced by the Minns Labor Government, stamp duty exemptions for first home buyers will be lifted from $650,000 to $800,000 and stamp duty concessions from $800,000 to $1 million.
This means a first home buyer purchasing a $800,000 home will save up to $31,090 under the changes.
With the growth of house prices slowing, this 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 6 months to 12 months, and offering greater support to those living in regional NSW.
The Hon. Yasmin Catley MP – Member for Swansea said ‘The Minns Labor Government was elected with a mandate to reform stamp duty and make the system fairer for first home buyers that is exactly what this legislation will do.
The stamp duty concession scheme will mean first home buyers pay no stamp duty on properties worth $800,000 or less, and only pay a concessional rate on properties worth between $800,000 to $1 million. This will help Central Coast first home buyers enter the property market.’