The First Home Buyers Assistance Scheme was expanded on July 1 2023, increasing the threshold for a stamp duty exemption from $650,000 to $800,000 and lifting the stamp duty concession threshold from $800,000 to $1M.
13,800 first home buyers received a full exemption from stamp duty on eligible homes and land. Many of the top ten suburbs receiving assistance were in Western Sydney and on the Central Coast.
The new data also reveals that under the new First Home Buyers Assistance Scheme, over 10,000 people have received more support than they would have under the previous government’s scheme.
Of the 10,000 first home buyers who received more support, 5,500 received a full stamp duty exemption, meaning they purchased a home under $800,000.
An additional 4,600 first home buyers received a concession on their stamp duty when purchasing a home for between $800,000 and $1M. These buyers would have received no support under the former government.
The expanded assistance scheme is supporting first home buyers to buy a home sooner after years of it getting harder for people to buy their first home.
This is just another way the NSW Government is making it easier for first home buyers and comes on top of the government’s once in a generation planning reforms that are driving an increase in the number of homes being built in NSW.
NSW Premier Chris Minns said: “This is 18,000 people who would now have a place in NSW to call home. They will build lives here, open businesses, have families and create a future in our state. I remember the relief I felt when I bought my first home. I’m proud that as a result our policies more than 18,000 people now have their own slice of NSW.”
