First home buyers in regional NSW will be able to reap the rewards of the state government's new First Home Buyers Assistance Scheme.
During his visit to Dubbo on Friday, NSW premier Chris Minns announced as of Saturday, July 1 the scheme would officially begin.
Addressing the media in South Dubbo, Mr Minns admitted he is confident the new scheme is going to be beneficial for regional NSW in particular.
"On Saturday, there will be a major tax cut for first home buyers in NSW," he said.
"The NSW Government is lifting the tax-free threshold to $800,000, buyers will pay a reduced amount of stamp duty up to $1 million.
"This is huge for those hoping to get on the property market in NSW and it's particularly big for regional NSW because four out of five houses in the region are under $800,000 or $1 million.
"I would much rather a first home buyer in regional NSW pay no tax or a reduced amount rather than a land tax forever."
Dubbo local Arthur Nguyen is just one of several eager potential buyers who are looking to purchase their first home, alongside his partner.
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Since moving to the Central West roughly 18 months ago, Mr Nguyen said purchasing a house is still difficult for two people who work full-time.
"It's pretty difficult, my colleagues were here a couple of years before me and they have seen house prices double," he said.
"We can see that when we go on real estate websites that when we look back at 2018 and 2019, house prices were really cheap in Dubbo.
"Now they are as competitive as some suburbs in western Sydney, the new changes being brought in will be a great help to us when we buy our property."
Mr Nguyen was on hand for the announcement and the NSW premier confessed there are many more cases like this across the state.
"I know many people are doing it tough, particularly young people who are looking to get into the property market," he said.
"Labor's proposals when it comes to rents and first home buyers is to make a difference.
"We've introduced legislation for this major tax cut for first home buyers."