Making Life Fairer For First Home Buyers

Making Life Fairer For First Home Buyers

With the Port Macquarie-Hastings area in the middle of a construction boom with huge residential developments at Sovereign Hills, Lake Cathie and West Haven, Member for Port Macquarie, Leslie Williams said the State Government’s comprehensive housing package of measures will put downward pressure on house prices.

“The reform measures which will give local first homebuyers a fair go at owning their own home by significantly reducing stamp duty and providing more housing choice.

Mrs Williams announced the reforms with NSW Deputy Premier John Barilaro as part of the Government’s commitment for all hard working residents across NSW to be able to aspire to own their own home. These far reaching changes could save first homebuyers up to $34,360.

“While there are no easy solutions when it comes to housing affordability, residents who are saving to purchase their own home will benefit greatly from these reforms,” Mrs Williams said.

“Stamp duty is a hurdle for first home buyers across our area, so to give residents a fair go we will abolish stamp duty for all first home buyers on properties costing up to $650,000 and provide stamp duty discounts on properties up to $800,000. This means many first homebuyers will not be paying stamp duty at all in our region.

“To better meet demand, we also need more homes built in the right areas and with improved infrastructure. To achieve this, we will provide access to $3 billion for Government and council infrastructure,” Mrs Williams said.

These changes to stamp duty and support for new infrastructure will make regional Australia an even more attractive place for people to live, work and play.

“These are just some of the measures we are introducing to give local first homebuyers a fair go,” Mrs Williams said.

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