Steve Whan
Member for Monaro

MEDIA RELEASE

First Home Buyers Assistance

Wednesday, 7 August 2024

More than 33,000 first home buyers across NSW have received substantial support towards buying their first home thanks to the Minns Government's focus on getting more people into more homes sooner.

Beneficiaries of First Home Buyers Assistance include many in Monaro. 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 $1 million.

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 in Monaro reach their goal of home ownership sooner, while keeping more money in their pockets.

Member for Monaro, Steve Whan said:

"As housing prices continue to rise, I'm glad to be part of a government committed to getting more people into their own homes.

"The Minns Government's commitment to waive stamp duty on homes up to $800,000, and lifting the concession threshold by $200,000, means home ownership is more achievable for people across Monaro, especially our younger residents.

"In Monaro, we've seen 440 people take advantage of these new measures and save an average of $17,221 per person.

"Owning your own home should not be some far-off luxury or dream, it should be something everyone can look forward to."