What Has the Government Done to Help Me or My Family?
In its campaign to get elected, back in early 2023, the NSW Labor team put forward a promise to end stamp duty, for first time home buyers, on a purchase of $800,000 or less.
Since July 2023, when that promise became a reality, more than 1600 first time home buyers have saved more than $30 million dollars, across the Cessnock Electorate alone.
Across the wider Hunter it is approximately 8,000 first time home buyers saving more than $177 million dollars.
I realise of course that not everyone has purchased a new home in this time, and that not everyone is a first time home buyer, but when I talk to parents and grandparents one of the great concerns is “how will the kids ever afford to buy a home”. So, the numbers are important.
On average, removing the need to pay stamp duty has saved first time home buyers $20,000. That means less debt on the mortgage and a better start to one of life’s biggest personal investments.
The State Electorate of Cessnock covers most of the Cessnock Local Government Area (LGA) as well as the north-west corner of the Lake Macquarie LGA and a tiny pinch of the south-east corner of the Singleton LGA.
In the Lake Macquarie LGA 2,057 (only a portion of which are in the Cessnock Electorate) first time home buyers saved an average of $22,411 because they did not have to pay stamp duty on the first $800,000 value of their new home. The Cessnock LGA had more than 1,277 first time home buyers saving an average of $20,267 on their purchase. And in the Singleton LGA 270 first time home buyers saved an average of $21,275.
More widely across the Hunter, in the Newcastle LGA 1,983 got the benefit; in Maitland it was 1,575 people, in Port Stephens it was 613; in Muswellbrook it was 286; in the Upper Hunter it was 180 and in Dungog it was 50.
Buying a home is an incredibly difficult thing to do and simply impossible for many. Governments do have an important role to play, doing whatever they can to keep the dream of home ownership alive. In the facts and figures above, the NSW Government has made the decision to keep more than $177 million dollars in the pockets of our local first-time home buyers, instead of that money heading down the M1 into NSW treasury coffers.
I sincerely hope that someone you know is one of the fortunate ones to have taken the plunge into home ownership with the NSW Governments assistance.
Congratulations to Edgar “Ted” Jackson, OAM
Ted Jackson was recognised with an Order of Australia for service to aged welfare and to the community of Cessnock in the recent Australia Day Honours.
Among his many achievements Ted was CEO of Northern Coalfields Community Care Association from 1990 to 2022 and a co-founder.
He was also CEO of Cessnock Hospital for 6 years and was also involved in the establishment of the Cessnock District Health Benefits Fund.
In 2020 Ted was awarded Cessnock Senior Citizen of the Year for his work to advocate for better support for the aged in our community.
His contributions to the Cessnock community span over 50 years. Congratulations to Ted on this well-deserved recognition.