First Home Buyers Assistance Scheme helps 97 Dubbo applicants

THRILLED: NSW Premier Gladys Berejiklian, with Dubbo MP Troy Grant and former administrator of Dubbo Regional Council Michael Kneipp,  is "thrilled that people are taking advantage of the exemptions" under the First Home Buyers Assistance Scheme. Photo: BELINDA SOOLE

THRILLED: NSW Premier Gladys Berejiklian, with Dubbo MP Troy Grant and former administrator of Dubbo Regional Council Michael Kneipp, is "thrilled that people are taking advantage of the exemptions" under the First Home Buyers Assistance Scheme. Photo: BELINDA SOOLE

Stamp duty exemptions and concessions have helped about 97 families and individuals in the city of Dubbo settle into their first homes since July.

In the Dubbo state electorate about 187 have put out the welcome mat after receiving stamp duty exemptions and concessions in the same period.

In July the state government introduced a “comprehensive package to improve housing affordability” for first-home buyers who often faced “stiff competition” from investors.

Under its new First Home Buyers Assistance Scheme, stamp duty was abolished for properties with a price tag of up to $650,000.

Concessions on stamp duty gradually reduces for properties valued between $650,000 and $800,000.

Stamp duty relief is available to first-time buyers of both new and existing homes.

A first-home buyer can save up to $24,740 on a property costing up to $650,000.

About $11,000 is saved in stamp duty on a median-priced home in Dubbo.

Revenue NSW reports that 10,496 buyers in the state have secured the keys to their first home with the help of the scheme since July, representing a 239 per cent increase on the 3094 in the same period last year.

NSW Premier Gladys Berejiklian, Treasurer  Dominic Perrottet and Minister for Housing Anthony Roberts have welcomed the data.

READ MORE: Premier has confidence in Dubbo and $140 million crossing.

Ms Berejiklian said the result showed the government’s cost-of-living measures were making a real difference. “We are thrilled that people are taking advantage of the exemptions which are slashing the cost of purchasing their first home,” she said.

“We know that saving up for your first home can be difficult, and so removing or reducing the amount of stamp duty is helping lower the hurdle for first home buyers.”

Mr Perrottet said the figures were the highest in five years of “people using government relief to achieve the great Australian dream”.

“In just a few short months our reforms have changed the game for first-home buyers in NSW,” he said. “Few things are more important than having a place to call home.”

Mr Roberts said exemptions from stamp duty were currently averaging 2624 a month, compared to 825 in the month of June 2017, immediately before the relief package was introduced.