Buying your first home is getting harder. House prices are rising and the upfront costs – a deposit, stamp duty and fees – can be a huge hurdle.
To help first home buyers, the government is completely abolishing stamp duty for both new and existing properties under $600,000. First home buyers purchasing a property between $600,000 and $750,000 will also receive a tapered discount.
With an average saving of around $8,000, it will give first home buyers an advantage, and more money to put towards the purchase of their home.
This measure will help more than 25,000 people each year at a time when they need it most.
It’s all about putting first home buyers on a level playing field with investors.