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The state has announced that over $1 billion of support has been delivered through the First Home Buyers Assistance Scheme, helping 50,000 buyers to purchase their first home.
The NSW government’s stamp duty assistance program was first launched on 1 July 2023, and has seen first home buyers (FHBs) save an average of $20,540 since the scheme’s inception.
Through the First Home Buyers Assistance Scheme, eligible buyers are provided with a full exemption from stamp duty for purchases up to $800,000, and a concession for purchases ranging between $800,000 and $1 million.
As a result of this initiative, the NSW government noted that first home buyers can save up to $30,529 in stamp duty, helping to ease the pressures associated with saving for a housing deposit.
Premier Chris Minns shared that the scheme is “helping more buyers to get a foot on the ladder, without having to leave Sydney or NSW”, and has delivered over $1 billion in stamp duty savings for first home buyers since July 2023.
“There is more to do on cost of living, but this is real relief that has helped 50,000 NSW singles, couples and families,” Minns said.
Looking at the more than 50,000 first home buyers who have received support through the First Home Buyers Assistance Scheme, the NSW government noted that more than 37,000 FHB households received a full exemption and over 14,500 received a concession.
Notably, more than 3,200 households in the City of Parramatta have saved a total of $74.1 million, while more than 2,100 households on the Central Coast have registered total savings of $47.3 million.
The release of these stats also coincides with the release of the NSW government’s First Home Buyers Assistance Dashboard website, which will be updated regularly and provides program statistics that are organised by local government area and regional classifications.
Minister for Finance, Courtney Houssos, shared that the support offered by the scheme shows the “program is working” and “delivering real savings that can make a real difference for first home buyers”.
“Families and households in NSW are feeling under pressure with increasing costs of living. We want to support families and households to realise the certainty of home ownership,” Houssos said.
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