First Home Buyers Assistance Scheme

50,000 first home buyers take advantage of First Home Buyers Assistance Scheme NSW.

The Minns Labor Government’s signature Stamp Duty assistance program has seen more than 50,000 first home buyers save an average of $20,540 on their Stamp Duty.

This popular initiative is lessening the pressure of saving for a deposit. Importantly, it also helps gives them a foot on the property ladder in a market heavily influenced by investors.

Dr Marjorie O’Neill, Member for Coogee said it was “great to see 380 first home buyers in the Randwick LGA take up the scheme and save on average $20,500 on their first home.”

First home buyers receive a transfer duty exemption or pay a reduced rate when buying an existing home, new home or vacant land to build a home on worth up to $1 million in NSW.

The First Home Buyers Assistance Scheme provides a full exemption from Stamp Duty for eligible buyers purchasing up to $800,000, and a concession for purchases between $800,000 and $1 million. This means first home buyers can save up to $30,529 on Stamp Duty.

Premier Chris Minns said, “We have now delivered more than $1 billion for first home buyers since coming to Government.

“There is more to do on cost of living, but this is real relief that has helped 50,000 NSW singles, couples and families.

“Our Government is helping more buyers to get a foot on the ladder, without having to leave Sydney or NSW."

This program is part of a suite of reforms from the Minns Government to help address the housing crisis and ease cost of living pressures. This includes sweeping reforms of the planning system to deliver more housing, including establishing the Housing Delivery Authority to speed up approvals.

“I would encourage every first home buyer to visit the schemes website to learn more about the program, see if they are eligible and how to apply”, said Dr O’Neill.

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First Home Buyers Assistance Scheme