NSW has a range of strategies to increase affordable housing in the private and community housing sectors, and to provide for the retention and sound management of existing low-cost accommodation.
The following initiatives aim to increase the availability of, and access to, affordable housing in the private market. The Government has:
- Established the Centre for Affordable Housing which facilitates the development of more affordable housing in NSW
- Created affordable home purchase opportunities under the First Home Plus Scheme which specifically targets first home buyers by abolishing stamp duty on properties valued up to $500,000 and on land valued up to $300,000, with discounted duty payable on properties valued between $500,000 and $600,000 and land valued between $300,000 and $450,000. The NSW Government has extended this benefit to cover any shared ownership mortgage schemes provided the first home buyer purchases at least 50% of the property. For more details please visit the website of the NSW Office of State Revenue.
- Participated in the joint state/federal First Home Owner Grant Scheme that provides a one-off $7,000 grant to first home buyers to assist with purchase costs. The Scheme is administered by the NSW Office of State Revenue
- Increased land supply to reduce pressure on land prices
- Increased the supply of affordable housing through the planning system in some areas such as Ultimo/Pyrmont, Green Square and Willoughby
- Initiated planning policies to retain existing low-cost stock.
The Housing NSW assists more than 500,000 people on low incomes by providing public housing, community and Aboriginal housing programs as well as services like Rentstart and the Mortgage Assistance Scheme which provides financial help for homeowners experiencing temporary difficulties with repayments due to illness, unemployment, accident or some other unexpected life crisis. Interest free loans up to $12,000 are available for direct payment to the lending authority, repayable when borrowers have overcome their financial difficulties.
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