Our comprehensive package to improve housing affordability is focused on helping first home buyers, who often face stiff competition from investors.
Stamp duty abolished for first homebuyers on new and existing homes up to $650,000 and stamp duty discounts for homes up to $800,000. Changes were introduced on July 1 2017. These changes can save first homebuyers up to $24,740.
Abolishing the stamp duty charged on lenders’ mortgage insurance, saving $2900 on an $800,000 property.
Removing stamp duty concessions for investors buying off the plan to make the housing market more competitive for locals.
A $10,000 grant for first home buyers building new homes worth up to $750,000, and a $10,000 grant for first home buyers purchasing a new property worth up to $600,000. The $5000 New Home Grant Scheme, which was available to other buyers including investors, has been closed. These grants help first home buyers while stimulating new builds.
Doubling the foreign investor surcharge from four per cent to eight per cent on stamp duty and from 0.75 per cent to two per cent on land tax.
A ministerial taskforce on housing affordability will:
Page last updated: 12/07/2018