First home buyers will find it easier to own their own home if a NSW Labor Government led by Chris Minns is successful in the upcoming March elections.
Labor’s plan includes abolishing stamp duty for first home buyers purchasing a home up to $800,000, whilst offering a concessional rate for those first home buyers purchasing homes up to $1,000,000.
Shadow Minister for Western Sydney, Greg Warren MP, said it would make an enormous difference to those in the fast growing West and South West Sydney regions of Sydney.
“There is no doubt that West and South West Sydney is doing the heavy lifting in terms of providing new homes,” Mr Warren said.
Independent modelling by the Parliamentary Budget Office shows that within the first three years of Labor’s changes, 27,700 first home buyers would have paid no stamp duty whatsoever.
An additional 18,800 first homebuyers would have paid a discounted rate.
It means an estimated 95 per cent of all first home buyers in NSW will pay no tax or a reduced rate under NSW Labor’s plan when they buy their first home.
“Still, rising property prices and the cost of living have made it harder and harder for first home buyers to get their foot in the property market.,” Mr Warren said.
“This move by a Chris Minns NSW Labor Government would help first home buyers attain the great Australian dream of owning their own home.
“This policy is in stark contrast to the Premier’s land tax.”