What is the new First Home Buyer Benefits?
Measures announced in the budget to help first-home buyers get their foot onto the property ladder include:
• Scrapping stamp duty for first home buyers on new and existing homes up to $650,000, and reduced for properties between $650,000 and $800,000, effective from July 1.
• First-home buyers will also be eligible for $10,000 grants for new homes up to $600,000. Insurance duty on lenders’ mortgage insurance will be abolished.
• A $10,000 First Home Builder Grant will be available for people who build their first home on vacant land, but total value of house and land cannot exceed $750,000.