News

First timers cashed up

FIRST homebuyers in Auburn saved just over $450,000 in grants and duty exemptions and concessions in August.

Auburn ranked 20th in NSW for the number of people claiming savings, with eight first homeowner grants worth $85,000 and a further 17 claims for duty exemptions and concessions worth $366,690.
Under the First Home Buyers Assistance scheme (FHBAS), a first homebuyer purchasing a new or existing property valued up to $650,000, are exempt from transfer duty, and there are also concessional rates for homes valued at between $650,000 and $800,000.
A First Home Owner Grant of up to $10,000 is also available for new housing constructions valued up to $600,000, or for land and a new construction you intend to build valued up to $750,000.
According to ABS lending data, the share of first homebuyers entering the NSW property market has increased from 17.3 per cent in July 2017 to 27.5 per cent in July this year.
Statewide, more than 67,800 homebuyers having now taken advantage of the opportunity to save up to $24,740 in stamp duty when purchasing their first home.
Premier Gladys Berejiklian said the NSW Government was delivering on its promise to make it easier for people to own a home.
“Our reforms are taking the pressure off people trying to get ahead and as a Government we will never lose sight of the fact that behind every number is a person who now has a place to call home,” she said.