The Government has released a video to highlight changes in the stamp duty intended to help first-time homebuyers.

The changes, introduced in March, increased the exception threshold, ended stamp duty fees for mortgage transfers and introduced a system of marginal rates.

A government spokeswoman said: “The Government raised the stamp duty exemption threshold from $750,000 to $1 million, ensuring that first-time homebuyers acquiring properties valued at up to $1 million would be exempt from paying any stamp duty.

“Additionally, persons with existing mortgages up to $1 million can transfer their mortgage to another financial institution without incurring any stamp duty charges.”

David Burt, the Premier, said: “If an individual is holding a mortgage of $1 million or less and becomes dissatisfied with their current mortgage rate and receives a more advantageous offer from another bank, the individual now has the option to transfer their mortgage without incurring any stamp duty fees, potentially saving them up to $5,000.

“The Government has also introduced the concept of marginal rates. As a result, all first-time homebuyers, regardless of the purchase price, will be exempt from stamp duty charges on the first million dollars.”

Mr Burt added that the changes meant a first-time homebuyer who sought to purchase a $1.2 million property would need to pay stamp duty on only $200,000, resulting in charges of $12,000 instead of the $46,000 that would be owed before the amendments.

“That is real savings the Government is providing for the people of Bermuda.” he added.