Council offers cash help to first home owners
Published on 25 July 2024
Eligible first new home buyers could be $6,000 to $10,000 better off when buying or building a new home in Fairfield City thanks to Council’s new rebate of developer contributions assistance trial scheme.
Fairfield City Mayor Frank Carbone said the trial will help tackle housing unaffordability.
“There is no doubt that we are in a housing affordability crisis in this country and that’s why Council is looking at what it can do to help Fairfield City’s first new home buyers enter the housing market,” Mayor Carbone said.
“Quite simply there is something wrong with the system when you have both members of a couple working hard and still can’t afford to buy a house.
“So we want to give them a helping hand with assistance when they need it most - when they are starting out and often planning to start a family.
“These are the same dreams and aspirations that generations before them have had and been able to achieve.
“We want to open the same opportunities to young people and encourage them to settle in our City.
“Our assistance scheme will not only greatly help first new home buyers but also means that more rental properties could be freed up for others, as renters become home owners and move out of their rental properties.
“It also provides jobs in the construction industry, but more importantly it helps young families get a roof over their heads and purchase their new home.
“I have written to the State and Federal governments about our proposed trial and to urge them to cut taxes tied to new housing for Australian first home buyers, including stamp duty, GST and the $12,000 infrastructure tax on new dwellings.”
According to the Housing Institute of Australia, 50 per cent of the cost of a house and land package in Sydney goes to the Federal and State governments in taxes.
“Council is doing what it can to make the dream of home ownership a reality and I am asking the State and Federal governments to also do much more to help,” Mayor Carbone said.
“If Fairfield City Council has the will to do this, the State and Federal governments should follow suit. Such a decision could see a reduction of hundreds of thousands of dollars for Australian first home buyers buying or building a new home.”
For more information visit www.fairfieldcity.nsw.gov.au/NewHome.