The NSW government announced this week that they are abolishing stamp duty for first home owners for new and existing purchases up to $650,000 in value. Stamp duty has been reduced for first home purchase of values between $650,000 and $800,000.
In addition, the duty on mortgage insurance has also been abolished which could save in the order of $3,000 when borrowing up to 95% of the property value.
This is a great initiative and should help all those that are saving to get their first home in Sydney.
More details can be found on the office of state revenue web site.