First home buyers in NSW will save thousands on stamp duty as a new scheme launches on July 1.
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People buying their first home in regional centres including Coffs Harbour and Albury where the median house price is between $650,000 and $800,000 will no longer pay stamp duty under the new scheme.
The NSW Government's First Home Buyers Assistance Scheme lifts the stamp duty exemption threshold to $800,000 and the threshold for stamp duty concessions to $1 million.
The changes will deliver savings of up to $30,735, according to the NSW Treasury.
Treasurer Daniel Mookhey said the new scheme ensures first home buyer assistance was simpler and fairer.
"These changes will help five out of every six first home buyers pay no stamp duty, or a concessional rate, and delivers a key election commitment," he said.
"We know stamp duty can be a considerable barrier for first home buyers.
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"The changes starting today will allow thousands of first home buyers to enter the market sooner and give them a boost when competing with other buyers."
NSW Treasury expects about 8600 first home buyers will pay no stamp duty in the next year under the changes, based on the current housing market.
The former scheme closes on June 30 and buyers who had opted in to it will continue to pay property tax until they sell the property.
