Bonanza for first homers

MORE than $10.2 million has been saved by first-home buyers on the Tweed thanks to NSW Government stamp duty exemptions.

MORE than $10.2 million has been saved by first-home buyers on the Tweed thanks to NSW Government stamp duty exemptions.

First-home buyers have until June 30 this year to take advantage of generous handouts from the NSW Government, with savings of up to $10,000 available, on top of stamp duty exemptions, and $14,000 being offered by the Federal Government, for people who build a new home.

The NSW first-home buyers grant will drop back to $7000 in the next financial year.

Stamp duty exemptions are available for first-home buyers buying a property for less than $500,000, and in 2007-08 395 Tweed residents did not pay stamp duty.

In 2006-07 462 people received the exemptions valued at $4.7 million, while only 81 first-home owners have received the exemption this year, with the government covering $932,654 or the purchase cost of the properties.

The information was provided in response top a question in Parliament by Member for Tweed Geoff Provest.

Originally published as Bonanza for first homers