Central Coast Home & Lifestyle Spring 2020

LAW and FINANCE

NSW stamp duty changes for first home buyers timely relief: HIA

T he NSW Government’s announcement that there will be a temporary increase in the stamp duty concessions for first home buyers is a timely and significant decision. “This announcement is a very welcome move as HIA has been seeking changes to the stamp duty arrangements to better reflect the price of new homes in NSW. This initiative will have positive outcomes for the housing industry and the NSW economy as a whole,” said David Bare, HIA Executive Director NSW. “From 1 August 2020 the changes will see the stamp duty exemption limit increased from $650,000 to $800,000 for the purchase of a newly built home. The stamp duty concession will also increase to cover newly built homes from over $800,000 up to $1 million in value. “The changes to the stamp duty thresholds for land are also critical. “The Government is forecasting that this change will assist more than 6,000 first home buyers, which have traditionally been under represented

Solar energy to bring savings for Council C entral Coast Council are set to save around $220,000 each year on energy expenses following the installation of an additional 1.2MW of solar power on Council buildings. Council are in the process of installing 3,500 rooftop solar panels on 28 Council owned buildings with works due for completion by the end of 2020. This project will see energy consumption reduced by approximately 1.4GWh annually and reduce Council’s carbon footprint by 1,100 tonnes of CO2-e per annum. This is equivalent to the electricity used by 230 local homes. Mayor Lisa Matthews said this project delivers both environmental and financial benefits. “It is rewarding to see a project underway which not only reduces Council expenses but also incorporates renewable energy for the conservation, protection and remediation of our environment,” Mayor Matthews said. This project has been co-funded with money collected at Woy Woy Tip under the repealed Federal Government ‘carbon tax’ which was applied to gate fees from 2012-2014.

in the NSW market. “Following the release of the NSW Home Builder details , this announcement makes sense and will support many first home buyers get into the property market sooner. “Combined with the existing $10,000 first home owners grant and the $25,000 Home Builder grant, first home buyers in NSW should be looking to a new home as a real option to take up home ownership. “More importantly, this 12 month package will provide a much needed boost to an industry for which hundreds of thousands of people in NSW rely on for employment. “The home building industry will play a critical part of NSW’s economic recovery from COVID-19 related challenges and the NSW Government should be applauded for listening to our calls for greater support. “This package will ensure that there is plenty of suitably priced new homes for first home buyers to take advantage of right across the state.” Housing Association Limited

15 Home & Lifestyle Magazine | Spring 2020 Solar panel installation at Laycock St Theatret