PL Proposes Bigger Tax Relief For 1st Time Buyers Up To €300,000

This morning, new housing proposals were announced by the Labour Party aimed at further supporting first-time buyers.

The stamp duty reduction scheme, now made permanent, will see the exempt threshold increased from €200,000 to €300,000.

This change is expected to save first-time buyers an additional €5,000 in tax, which can be used towards finishing or furnishing their property.

Further support will be provided through the 10% deposit scheme, which assists buyers who are eligible for a bank loan but unable to cover the required deposit when signing the promise of sale. The eligibility property value will be increased from €250,000 to €300,000, extending access to more buyers.

In addition, €1,200 will be refunded to first-time buyers to cover search costs and notarial fees linked to the purchase process.

Combined with the stamp duty changes, total savings are expected to reach around €6,200.

These measures build on the existing My First Home scheme and the €1,000 annual support over ten years, aimed at keeping long-term financial assistance within reach of young people.

The Our Next Home scheme for growing families will also be strengthened, offering further support to those needing larger homes.

#MaltaDaily