NSW Government To Lift Stamp Duty Threshold For First Home Buyers
Stamp Duty is one of the biggest hand brakes on home ownership, particularly for first-home buyers.
However, the New South Wales government will replace the first home buyer land tax option with increased stamp duty concessions.
This means five out of six home buyers will pay reduced or no stamp duty. So how will these changes affect you, and what does the new policy imply?
Click the link below to listen the full episode:
On today’s This Arvo In Sydney, host Sacha Barbour Gatt and LiSTNR journalist Kimberley Braddish spoke about the impacts brought by this change and whether it would be easier for Sydneysiders to purchase their dream homes.
The government says that changes to the first home buyer scheme will mean properties valued up to $800,000 will be exempt from stamp duty, lifting it from $650,000.
Braddish said the stamp duty had reached a record-high number with almost $49,300 per transaction last year, taking 55 per cent of the average full-time salary.