The great Australian dream of owning your own home is now more achievable with thousands of first home buyers rallying to take advantage of stamp duty exemptions available since the introduction of a new relief package from the NSW Government.
It is pleasing to note new figures from Revenue NSW show 10,496 individuals and families have secured the keys to their first home with the help of the First Home Buyers Assistance Scheme since July, representing a 239 per cent increase compared to the 3,094 over the same period last year.
This shows how the government measures are making a real difference with people taking advantage of the exemptions which slash the cost of purchasing their first home.
The figures are the highest they have been in five years of people using government relief to achieve the great Australian dream and in just a few short months our reforms have changed the game for first home buyers in NSW.
The exemptions granted are now averaging 2,624 a month, compared to 825 in the month of June 2017, immediately before the relief package was introduced.
Under the First Home Buyers Assistance Scheme, stamp duty is eliminated altogether for properties up to $650,000 while concessions are also available for between $650,000 and $800,000.
The changes enable first home buyers to access stamp duty relief for both new and existing homes.