Coasties to benefit

under first home buyer's scheme

The NSW Government has introduced legislation into NSW Parliament to deliver on its election commitment to create a simpler, fairer stamp duty concession scheme.

31 May 2023

 

FIRST home buyers on the Coast 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.

 

Member for Swansea, Yasmin Catley 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.”

 

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.

 

Member for Wyong, David Harris said, “Other than Labor’s changes to stamp duty, first home buyers on the Central Coast will pay zero stamp duty for a home purchased under $800,000, this will help more first homebuyers getting into the market.”

 

With the growth of house prices on the Coast 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.

 

 

David Mehan, Member for The Entrance, said, “I am pleased we have been able to quickly implement our election promise to first home buyers”

 

Member for Gosford, Liesl Tesch said, “We took to the election a promise to create a simpler, fairer system for the first home buyers of the Coast, and we’re delivering on that.

 

“Coasties can expect to have some relief under the scheme, saving up to $31,000.”