Dubbo is top of the pops when it comes to regional first-home owners, with recent data outlining the city’s status as an area of growth.
First homebuyers in regional NSW have saved millions of dollars in stamp duty thanks to the NSW Government’s Housing Affordability Strategy introduced in July 2017.
NSW Nationals Member for Dubbo Dugald Saunders said the Nationals in Government are continuing to support regional communities by making it easier for people to own a home.
“Families across regional NSW have now taken advantage of the opportunity to save up to $24,740 in stamp duty when purchasing their first home,” Mr Saunders said.
“So far in Dubbo we have seen more than 2300 people take up the First Home Buyer Assistance Scheme, totalling more than $24 million and 575 First Home Owner Grants delivered for a total in excess of $5.7 million.”
Addressing the problem
Buying your first home is an important milestone for many people but these days it can be very challenging financially. Thanks to the hard work of the NSW Nationals in Government providing the First Home Owner Grant and stamp duty concessions, the dream of home ownership is closer than ever before.
“The future of our small towns is dependent on young people being able to live and work locally, which is why this program is so important,” Mr Saunders said.
Data from the Australian Bureau of Statistics showed the number of first homebuyers entering the NSW property market increased from 17.3 per cent in July 2017 to 27.5 per cent in July this year.
Deputy Premier and NSW Nationals Leader John Barilaro said the program allowed more families to stay in regional NSW at a time when small towns were doing it tough.
“It is no secret we are experiencing the worst drought on record. The NSW Nationals are serious about supporting regional NSW and the best way to do that is by keeping young people in town,” Mr Barilaro said. “We are giving hard working families peace of mind and delivering a better future, while allowing regional communities to stay, grow and prosper.
“We are seeing a lot more first homebuyers in regional NSW getting the keys to their first home, reflecting the success of this program.”
So what is it?
The scheme eliminates stamp duty for first homebuyers purchasing a new or existing property valued up to $650,000 and provides stamp duty savings for purchases of homes valued between $650,000 and $800,000.
The First Home Owner Grant of up to $10,000 is available for new housing constructions valued up to $600,000, or for land and a new construction you intend to build valued up to $750,000.
First homebuyers can learn more on the Revenue NSW website.