1450 Maitland first home buyers claim $31.2m in stamp duty relief under NSW scheme

newy.com.au – More than 1450 first home buyers in Maitland have received stamp duty exemptions or concessions under the Minns Labor Government’s First Home Buyers Assistance scheme, saving an average of $21,313, the NSW Government says.

The government says the assistance is aimed at easing housing as a major cost-of-living pressure, and contrasts the current approach with the former Coalition plan to allow first home buyers to opt into an annual property tax instead of paying stamp duty upfront.

Under the scheme, eligible first home buyers can receive a full stamp duty exemption worth up to $30,412 for properties priced up to $800,000, with a concession available for homes priced between $800,000 and $1 million.

The government said Maitland first home buyers had claimed $31,247,708 in total concessions through the program.

Member for Maitland Jenny Aitchison said, “We’re backing first home buyers because everyone deserves a fair shot at owning a home in NSW,” and argued that “saving up to $30,000 on stamp duty means more money in the pockets of families and more opportunities for them to achieve the dream of home ownership”.

Aitchison said the government had delivered on its election commitment, adding: “Under the Minns Labor Government, instead of the Coalition’s ‘forever tax’ on your first home, you can purchase your forever home and in some cases pay no stamp duty at all.”

Statewide, the government said 82,174 first home buyers had saved an average of $20,475 since July 2023, with 58,111 paying no stamp duty and 24,063 paying a reduced amount.

Treasurer Daniel Mookhey said, “For more than 80,000 people, this has meant paying less upfront and getting into a home sooner,” and linked the measures to housing supply, saying: “As our landmark planning reforms deliver more homes, we will continue making it easier for first-time buyers to make them their own.”

Minister for Finance Courtney Houssos said the assistance formed part of the government’s broader housing plan, saying: “This is a critical piece of the puzzle in the Government’s plan to help families plant their roots across the state.”

The government said the scheme could be used alongside the Albanese Labor Government’s 5% deposit and shared equity initiatives, and pointed buyers to Revenue NSW’s First Home Buyers Assistance dashboard for suburb and local government area statistics.