The Tweed construction industry has received a shot in the arm that will also benefit first homebuyers as the Nationals in Government slash stamp duty, according to Tweed Nationals MP Geoff Provest.
“Under the changes the threshold above which stamp duty will be charged on new homes for first home buyers will increase from the current $650,000 to $800,000, with the concession reducing on higher values before phasing out at $1 million,” Mr Provest said.
“These changes support new Tweed home construction and create Tweed jobs as part of the Nationals in Government’s COVID-19 Recovery Plan.”
The Government forecasts more than 6,000 first home buyers will benefit from the changes, saving eligible first homebuyers thousands of dollars.
Treasurer Dominic Perrottet said the changes would save first home buyers stamp duty of up to $31,335 on a new $800,000 home.
“The current scheme has already helped over 93,000 first home buyers since July 2017 and this will give the construction industry extra support as we face the challenges of COVID-19,” Mr Perrottet said.
The NSW Government will also continue to offer a $10,000 First Home Owner Grant, which is available to people buying a new first home worth no more than $600,000, or buying land and building a new first home worth no more than $750,000 in total.