Dominic Perrottet announces measures designed to help first home buyers

NSW Treasurer and Member for Hawkesbury Dominic Perrottet with the Premier Gladys Berejiklian in April. Photo: Jessica Hromas
NSW Treasurer and Member for Hawkesbury Dominic Perrottet with the Premier Gladys Berejiklian in April. Photo: Jessica Hromas

MEMBER for Hawkesbury and Treasurer Dominic Perrottet has announced measures the state government hopes will assist Hawkesbury’s first home buyers.

The proposed measures will give tax concessions to first home buyers, while foreign investors will be more heavily taxed.

First home buyers purchasing houses of up to $650,000 gain stamp duty exceptions, while houses up to the value of $800,000 will gain a discount.

Stamp duty concessions for buying off the plan apartments will be abolished, as will the nine per cent insurance duty, which is charged to lenders.

The government has estimated the stamp duty concessions will save prospective buyers up to $24,740.

Mr Perrottet said the measures would support first home buyers.

“As a Government, we have always focused on supporting first home buyers and this package takes it to the next level,” Mr Perrottet said.

“We know how challenging it can be to enter the property market and are pleased to be providing even more financial support for people wanting to make their first purchase.”

Along with the discounts and concessions for first home buyers, foreign investors will be taxed more.

The foreign investor surcharge will be doubled, while the land tax charge will rise from 0.75 per cent to two per cent.

The full policy, which was announced on June 1, has 26 separate measures, which the government hopes will help first home buyers.

Labor Member for Londonderry Prue Car has been contacted for comment.

More information on the project, as well as detailed policy documents, can be found at https://www.nsw.gov.au/improving-nsw/projects-and-initiatives/first-home-buyers/.