First home buyers in Tweed could save as much as $34,000 when they buy their house after the New South Wales Government significantly reduced stamp duty across the state.
The State’s Member for Tweed Geoff Provest said stamp duty on lenders mortgage insurance, which is often required by banks, will also be abolished – with the reforms applying to both existing and new homes.
“While there are no easy solutions when it comes to housing affordability, residents who are saving to own their own home in Tweed will benefit greatly from these reforms,” Mr Provest said. “Stamp duty is a hurdle for first home buyers across Tweed, so to give residents a fair go we will abolish stamp duty for all first home buyers on properties costing up to $650,000 and provide stamp duty discounts on properties up to $800,000. This means many first homebuyers will not be paying stamp duty at all in Tweed
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These changes to stamp duty and support for new infrastructure will make regional Australia an even more attractive place for people to live and work.