First home buyers saving millions by ditching stamp duty

More than 2300 first home buyers have opted in to the NSW Liberal and Nationals Government’s First Home Buyer Choice in the first two months of the initiative, saving a collective $89 million.

Under the Liberals and Nationals:

· Eligible first home buyers can ditch stamp duty in exchange for a small annual fee on properties up to $1.5 million;

· Home owners who choose to pay a small annual fee on their first home, will also be able to opt in to the annual fee on future property purchases, until they choose to pay stamp duty;

· Victim-survivors of domestic and family violence can also access first home buyer support and interest-free rental bond loans.

Premier Dominic Perrottet said First Home Buyer Choice was already helping thousands of families get the keys to their first home sooner.

“Under the Liberals and Nationals, young people now have choice and they have embraced it, with 2,330 first home buyers opting to ditch stamp duty in favour of the small annual fee,” Mr Perrottet said.

“This game-changing policy is making it easier for first home buyers, many of whom are families, to reach the dream of home ownership sooner.

“Backing first home buyers is only possible because of the Liberal and Nationals long-term economic plan to keep our state moving forward.”

Treasurer Matt Kean said that a re-elected Liberal and Nationals Government would expand the First Home Buyer Choice to give home buyers that choice for life.

“We want to ensure that first home buyers who opted into the small annual fee on their first home, or received a stamp duty exemption or concession, are able to have the choice on their future homes as well,” Mr Kean said.

“This will mean those families who move can pay tens of thousands of dollars less tax over their lifetime, unlike Labor’s policy which will bill them for a large upfront stamp duty every time they move.”

Minister for Women’s Safety and the Prevention of Domestic and Sexual Violence Natalie Ward said that as part of the Liberal and Nationals expansion of its home buyer support, victim-survivors of domestic and family violence would be eligible for stamp duty relief currently reserved for first home buyers.

“We know that housing security is one of the most important concerns victim-survivors have as they move on from unsafe relationships and manage their personal financial security,” Mrs Ward said.

“We will ensure support is there for victim-survivors of domestic and family violence so they can look to enter the property market, secure a home and safeguard their long-term financial security.”

Labor has pledged to scrap all support for buyers of properties above $1 million and will only offer concessional stamp duty rates to buyers of properties from $800,000 to $1 million.

/Public Release. This material from the originating organization/author(s) might be of the point-in-time nature, and edited for clarity, style and length. Mirage.News does not take institutional positions or sides, and all views, positions, and conclusions expressed herein are solely those of the author(s).View in full here.