A Fairer Playing Field for First Home Buyers
Housing affordability is a complex challenge and the abolition of stamp duty for houses under $650k for first home buyers and the property market impacts quite substantially.
Hello I am Charmaine Imlah, Editor with Katrina Beohm Real Estate.
As of the 1st July 2017 first home buyers will be exempt from paying stamp duty for houses under $650k. This government initiative will certainly be a positive financial benefit to first home buyers by reducing costs directly related to the purchase of first home and enable them to have a competitive advantage in relation to other property investors. Also this exemption will enable buyers to put more equity into the purchase of their home thus reducing their mortgage and re-payments.
Furthermore, this concession assists first home buyers to enter a very competitive housing market and stimulates the construction of new dwellings to overcome the market supply/demand problem. The exemption from paying stamp duty will ultimately stimulate growth by enabling more to enter and engage with the property market.