More than 400 homeowners opted into the NSW Government’s new first home buyer choice program in its first four days of operation.
giving a choice between stamp duty or an annual property tax after just one week of operation, as political leaders target housing affordability for votes ahead of the March state election.
“It’s going straight into the mortgage offset account,” she said of the refund. “It’s a bit of a bonus actually, but I think it will help people access the property market quicker ... it’s just that extra bit of cash they don’t have to wait to save up before buying,” she said. Treasurer Matt Kean said the early uptake showed an electorate wanting radical change which made home ownership more achievable.
According to the government data, demand for the program has been strongest in Sydney’s outer suburbs in the local government areas of Blacktown and Parramatta as well as Bayside, which is in Sydney’s middle ring next to Mascot Airport. But mortgage brokers outside of the city have also experienced an uptick in interest from first home buyers, particularly in coastal regions where properties below $800,000 are scarce.
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