Great News For First Home Buyers In Sydney

Stamp Duty scrapped

Great News For First Home Buyers In Sydney

Pic: ABC

If you're still wondering how you'll every afford to get into the housing market in Sydney, there could be some light at the end of the tunnel.

Stamp duty has been scrapped for first home buyers, under a new housing affordability package announced by the state government today.

Under the changes from July 1, 2017, first homebuyers won't have to pay stamp duty on homes worth up to $650,000.

"It's a great win for first home buyers in NSW today," said Treasurer Dominic Perrottet while announcing the package.

"This is a comprehensive housing affordability package, but in reality it's not just about houses, it's about homes and this package brings families across NSW one step closer to achieving the great Australian dream." said the NSW Treasurer

The state government has confirmed the stamp duty exemptions have been expanded to existing homes. Up until now, they have only been available for people buying new properties.

"We want families across the state to have greater choice in the homes they want to buy," said Mr Perrottet.

Premier Gladys Berejiklian said the government appreciates the challenges first home buyers have in saving up for their first home deposit, and this package gives them a huge boost, providing savings of up to $24,740.

"Our aim, our aspiration is of course to make sure that every person in NSW who wants to own their own home, feels they have a state government that's there backing them, supporting them if they work hard and save money, they should be able to get their foot in the door."

"Your first home won't necessarily be your best home, it won't necessarily be your first choice, but what is really important is getting people to get their foot into the market, to be able to say that they own their first place and then obviously move on from there."