A Foley Labor Government will make the dream of buying your first home real again by introducing a new stamp duty deferral scheme for those entering the property market.
Labor’s Help for Homes plan will allow first home buyers to defer up-front stamp duty costs, instead paying stamp duty costs in affordable monthly instalments over five years.
Individuals and couples working hard and saving for their first home will be able to invest their money into a house deposit – not see their savings evaporate instantly on stamp duty charges.
Mr Zbik, who is a fee-for-service Financial Planner by profession said “The Liberals have crushed the dreams of first home buyers – young people working hard in Lane Cove just can’t get into the property market with no support or incentives.”
The option to defer stamp duty will be available to all first home buyers purchasing property up to the value of $750,000.
“Labor will make it easier to buy your first home, with a plan to defer stamp duty payments and allow them to be paid off in affordable monthly instalments over five years.” Explained Mr Zbik.
More than 37,000 first home buyers will be eligible each year, which is more than 90 per cent of all first home buyers.
“Property across greater Sydney will continue to be in high demand. Labor will act to help hard working people achieve their dream of home ownership.”
Under the Baird Liberal Government, the number of first home buyers entering the property market has slumped to a record low. The Liberals have stripped away stamp duty exemptions and first home buyer grants, instead giving $5,000 to property speculators and overseas investors.
“The Liberals are more interested in handing out grants to property speculators and overseas investors than getting people into their own home.”
“I’ve spoken to many young people in Lane Cove who are struggling to purchase their first home thanks to the Liberals’ misguided priorities.”
“Labor’s plan to defer up-front stamp duty costs is an innovative, affordable and common-sense solution to winding back the damage done by the Liberals and help people in Lane Cove get into the property market.”
The typical first home buyer is now up to $25,000 worse off under the Liberals than when Labor left office in 2011. The number of first home buyers gaining finance has slumped by 33 per cent since 2011.
- Help for Homes is a $60 million package fully costed by the Parliamentary Budget Office
- The scheme would apply to all first home buyers in NSW up to the purchase value of $750,000
- More than 37,000 first home buyers are expected to benefit from the policy each year
- Stamp duty payments would be spread over five years – with affordable monthly payments
- If the property is sold within five years, any outstanding stamp duty will be payable upon sale
- The policy will commence 1 January 2016 and be administered by the Office of State Revenue