MORE than 33,000 first home buyers across NSW have received substantial support towards buying their first home thanks to the NSW Government’s focus on getting more people into more homes sooner.
Beneficiaries of First Home Buyers Assistance include many on the Central Coast including the electorate of The Entrance.
More than 1300 first home buyers on the Central Coast received $29.5M in stamp duty support in the last 12 months under Labor’s new program.
The Central Coast won big with the largest number of first home buyers receiving assistance of any council outside of Sydney and the second most recipients of any Council in NSW (behind Cumberland Council).
First home buyers across NSW have saved an average of $20,479 on stamp duty. Over two thirds have paid no stamp duty at all. This makes a material difference for people while they save up for a deposit, helping them get into their dream home sooner.
The Minns Government’s program is providing real cost of living support for people buying their first home, helping them deal with the single biggest cost of living pressure.
The First Home Buyers Assistance program was expanded on 1 July 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.
The expanded thresholds mean that more than 18,000 first home buyers received greater support than they would have under the previous government.
This increased support has helped first home buyers on the Central Coast reach their goal of home ownership sooner, while keeping more money in their pockets.
Member for The Entrance David Mehan said: “Owning a home is like a dream come true, which is becoming harder to achieve because of the cost of living and soaring housing prices. The First Home Buyers Assistance makes this dream come true, and the Minns Labor Government has helped this happen.”
