FIRST HOME BUYERS TAKE UP STAMP DUTY RELIEF

Written on the 15 February 2018 by Kevin Conolly

FIRST HOME BUYERS TAKE UP STAMP DUTY RELIEF

Member for Riverstone Mr Kevin Conolly MP said first home buyers in the area were continuing to take up stamp duty relief offered by the NSW Liberals & Nationals Government at a growing rate as new figures were released for December and January.

Latest figures show that since the policy began in July 2017, approximately 7,213 first home buyers have taken up stamp duty concessions or exemptions in the western Sydney region.

New figures released by Revenue NSW show that take up of the First Home Buyers Assistance Scheme has now reached more than 19,000 across the state since July 2017 when the package commenced as part of the NSW Budget.

The package means that first home buyers for both new and existing homes for properties priced up to $650,000 are exempt from paying stamp duty and can access a reduction in stamp duty for first homes priced between $650,000 and $800,000.

Mr Conolly said he was delighted there was more than a doubling in the number of people who have been accessing the stamp duty relief in the western Sydney region since the measure came into effect in July, compared to the same period last year; 7,213 during Jul17-Jan18 compared with 2,861 during Jul16-Jan17.

"Housing affordability is a major issue across the state and so it is heartening to see that this package will allow people to take a step closer to securing the keys to their first home," Mr Conolly said.

The Berejiklian-Barilaro Government is committed to housing affordability after the previous Labor government allowed the situation to stagnate.

"If there are people in our community considering purchasing their first home but are still undecided about whether they can afford to buy a home, I want them to know about the stamp duty relief package and invite them to see if 2018 could be the year they can get into the housing market," Mr Conolly said.

The Liberal and National government is focused on cutting the costs of living, whether that's the price of your child's weekend sport through the active kids rebate, reducing the cost of commuting through toll road relief, or the energy rebate to help put downward pressure on energy bills or the cost of buying your first home.


Author: Kevin Conolly

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