Local first home buyers are cashing in

13th February 2018 4:00 PM
First home buyers are embracing state government incentives First home buyers are embracing state government incentives BananaStock

FIRST home buyers on the Coffs Coast have embraced State government incentives to step into the property market.

Member for Coffs Harbour Andrew Fraser said first home buyers in the local area are continuing to take up stamp duty relief, with government figures for December and January showing that since the policy began in July 2017, more than 1300 first home buyers have taken up stamp duty concessions or exemptions on the North Coast.

The statistics released by Revenue NSW show take up of the First Home Buyers Assistance Scheme has reached more than 19,000 across the state since July 2017 when the package commenced.

The scheme means first home buyers for both new and existing homes for properties priced up to $650,000 are exempt from paying stamp duty and can access a reduction in stamp duty for first homes priced between $650,000 and $800,000.

Mr Fraser said the number of people who have been accessing the stamp duty relief since the measure came into effect in July has more than tripled compared to the same period last year.

"Housing affordability is a major issue across the state and so it is heartening to see that this package will allow people to take a step closer to securing the keys to their new home,” Mr Fraser said.

"If you are still undecided about whether you can afford to buy a home I want the people of the Coffs Coast to know about the stamp duty relief package and invite them to see if 2018 could be the year they can get into the housing market.”