13 February 2024

Wagga residents put stamp on first-home buyer savings, racking up $3.5m

| Jarryd Rowley
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three politicians speaking with a young man

NSW Premier Chris Minns (left), Treasurer Daniel Mookhey (right) and Minister for Finance Courtney Houssos are among the leaders who backed their party’s decision to lift the first-home buyer stamp duty exemption after more than 18,000 people benefited from the scheme since 1 July, 2023. Photo: Courtney Houssos.

More than 175 first-home buyers in Wagga Wagga have benefited from a NSW housing scheme that exempts purchasers from paying stamp duty on properties worth up to $800,000.

Concessions on stamp duty can also be claimed for homes valued up to $1 million.

The 179 buyers who qualified between 1 July, 2023, and 2 February, 2024, make Wagga Wagga the largest regional city to take advantage of the scheme, with more than $3m worth of exemptions being claimed.

A further 11 first-home buyers also claimed concessions for stamp duty, taking the total value saved through the scheme to $3,585,005.

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Queanbeyan followed in second with 145 exemptions and 36 concessions for a total of $3,324,698 saved, while Albury was ninth with 117 exemptions and six concessions for a total of $1,940,626 saved.

The First Home Buyers Assistance Scheme was expanded on 1 July, 2023, from $650,000 to $800,000, and concessions from $800,000 to $1m. More than 13,800 people across NSW received a full exemption in this period, with 4600 receiving a concession.

The scheme was introduced to help younger buyers find homes in a time of rising property prices.

NSW Premier Chris Minns said the exemption scheme was a clear win for new owners as more than 18,000 people now had a place to call home.

“Some 18,000 people will build lives here, open businesses, have families and create a future in our state,” Mr Minns said.

“I remember the relief I felt when I bought my first home. I’m proud that as a result of [our] policies, more than 18,000 people now have their own slice of NSW.”

Treasurer Daniel Mookhey said providing significant cost-of-living relief had helped thousands of young families achieve their dreams of buying a home.

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“Thousands of extra first-home buyers are saving up to $30,735 thanks to the NSW Government’s expanded stamp duty exemptions and concessions,” Mr Mookhey said.

“We abolished the former government’s forever land tax and created a fairer assistance program that we can see is really helping people afford to get into Sydney’s property market and in the regions.

“This scheme is part of a range of policies aimed at helping more people in NSW to own their own home.”

Minister for Finance Courtney Houssos thanked the government for its expanded scheme, saying that the stability and certainty of home ownership were now more in reach for a new generation.

“For many young families, the considerable saving they can make on the cost of stamp duty is the difference between being able to purchase a home and missing out,” she said.

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