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 the First Home Buyers Assistance Program include many across the Hunter including 774 home buyers in the Lake Macquarie Local Government Area (LGA) and 421 home buyers in the Cessnock City LGA.
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.
On average first home buyers in the Lake Macquarie LGA saved $22,537 while first home buyers in the Cessnock City LGA saved $19,100.
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 the Electorate of Cessnock to reach their goal of home ownership sooner, while keeping more money in their pockets
Member for Cessnock, Mr Clayton Barr said:
“It is fantastic to see so many first home buyers across the Electorate of Cessnock benefit from this program.”
“Housing is the single biggest cost of living pressure facing people, and this assistance enables first home buyers start when bidding against established investors and home owners.”