Those families saved an average of $22,507 in stamp duty.

In Wollongong 780 families purchasing their first home saved an average of $22,500 on stamp duty after the program was significantly expanded in July 2023.

A further 381 families in the Shoalhaven City Council area saved an average of $21,639, and 357 families in Shellharbour City Council saved an average of $23,452.

This makes a material difference for people while they save up for a deposit, helping them get into their first home sooner.

The Minns Government’s program is providing real cost of living support for people buying their first home, helping them deal with the single biggest cost of living pressure.

The First Home Buyers Assistance program was expanded on 1 July 2023, increasing the threshold for a stamp duty exemption from $650,000 to $800,000 and lifting the stamp duty concession threshold from $800,000 to $1 million.

The expanded thresholds mean that more first home buyers received greater support than they would have under the previous government.

This increased support has helped first home buyers in the Illawarra reach their goal of home ownership sooner, while keeping more money in their pockets.

 Member for Wollongong, Paul Scully said:

“This program provides genuine cost of living relief for the young people and first home buyers. The Minns Government is serious about getting keys in doors and people into homes faster.

“The savings give first home-buyers an advantage when bidding against established investors and home owners.

“If we don’t invest in more homes to improve affordability and availability, our young people will leave our area taking with them their skills and their innovation.

“The Illawarra is a centre for industry, jobs and skills, but this need to be supported by a housing market that young people can access.”