AFFORDABLE HOUSING IN REACH FOR NORTHERN TABLELANDS FAMILIES

Thursday, 1 June 2017

NORTHERN Tablelands MP Adam Marshall has welcomed a new package of State Government reforms designed to make housing more accessible to homebuyers across the state, by significantly reducing stamp duty and encouraging investment from young people.

Mr Marshall said that those living in rural and regional areas would be some of the biggest beneficiaries of today’s announcement.

“While we’re very fortunate to be living in country NSW, with significantly cheaper housing and cost of living than our city cousins, saving up for your first home is still a challenge for many,” Mr Marshall said.

“All stamp duty on existing and new homes up to $650,000 will be abolished – which covers the vast majority of homes in our region.

“Also, there will be stamp duty concessions on properties of up to $800,000.

“First home buyers across the Northern Tablelands will now save more than $11,000 on average in stamp duty, which will significantly reduce the up-front cost of their home.

“This will help young people saving up for their first home in the Northern Tablelands, without impacting on the existing value of homes, which for many families is their primary investment.

The measures also abolish the stamp duty charged on lenders mortgage insurance, which can cost first homebuyers with limited deposits up to $2,900.

“All these changes will advantage locals – with the foreign investor surcharge doubling, we expect to see Australians increasingly competitive when homes go up for auction. Australians looking to buy a house should come first, not foreign investors,” Mr Marshall said.

“There’s no silver bullet to housing affordability, but this extensive package will make the goal of home ownership that much easier for young people in our region.”

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