NSW to offer First Home Buyers $25,000
This is a welcome change proposed by the NSW Government. As we know, first home buyers are so disadvantaged when entering the property market for the first time, and the current stamp duty relief, whereby they pay no stamp duty on existing properties valued at up to $650,000, is not realistic in the Sydney market. This new proposal of $25,000 in cash will go a long way to helping clients pay for stamp duty.
I still think a better plan would be to entirely waive stamp duty up to $1,000,000 for first home buyers, but this is better than nothing.