New data reveals that 3,078 first home buyers in the Illawarra have been given a helping hand by the Minns Labor Government, saving an average of $22,502 off the cost of their first home.
The program provides a full stamp duty exemption of $30,412 for first home buyers purchasing a property up to $800,000 and a concession for homes priced between $800,000 and $1 million.
It replaces the previous Liberal-National Government’s forever tax on first-home buyers, which left first-home buyers paying an annual tax back to the Government.
In the Illawarra, the top suburbs to benefit are Wollongong (618 first homes), Albion Park (519), Dapto (517) and Warilla (231).
It includes 2,103 first home buyers in the Wollongong LGA, 947 in Shellharbour LGA, and 28 in Kiama LGA.
Across NSW, 82,174 first home buyers have benefited from the First Homebuyers Assistance since July 2023. Of those, 58,111 people paid no stamp duty at all, while 24,063 individuals paid a reduced amount.
The scheme also works with the Albanese Labor Government’s 5% Deposit and Shared Equity schemes, making it even easier for people and families to buy their first home.
Housing is the number one cost-of-living pressure on young people, families and downsizers.
Helping first home buyers is a critical piece of the Minns Labor Government’s plan to address these cost-of-living pressures and make sure NSW can be an accessible and affordable place to live.
That’s why the Minns Labor Government is delivering more homes to rent and buy, re-building essential services that families rely on, and providing long overdue investment in critical infrastructure across the Illawarra.
The First Home Buyers Assistance Dashboard has more statistics by suburb and Local Government Area and can be accessed at https://www.revenue.nsw.gov.au/help-centre/resources-library/statistics/fhba-dashboard
More information about First Home Buyers Assistance is available at https://www.revenue.nsw.gov.au/grants-schemes/assistance-scheme
Minister for the Illawarra Ryan Park:
“The Illawarra is a growing region, and I’m proud more people are choosing to call it home.
“This stamp duty relief is making the dream of homeownership a reality for thousands of young people and families across the Illawarra.”
Treasurer Daniel Mookhey:
“For more than 80,000 people, this has meant paying less upfront and getting into a home sooner.
“We’re backing first home buyers because everyone deserves a fair shot at owning a home in NSW.
“As our landmark planning reforms deliver more homes, we will continue making it easier for first-time buyers to make them their own.”
Minister for Finance Courtney Houssos:
“This is a critical piece of the puzzle in the Government’s plan to help families plant their roots across the state.
“Saving up to $30,000 on stamp duty means more money in the pockets of families and more opportunities for them to achieve the dream of home ownership.”