First home buyers have welcomed the option to swap stamp duty for an annual property tax, saying it would help them into the housing market sooner by reducing upfront costs | Domaincomau
First home buyers will be able to chose between paying stamp duty and an annual property tax.
“When I buy I’m planning to hold on to [the property] for ages, I’d rather just pay the one fee upfront rather than have to pay a fee every single year on top of mortgage repayments and bills,” Bow said. “I probably won’t use it, but do see the plus side if someone is struggling to save money. “I’d love to stay around here, but I don’t see how I’d ever be able to afford to do that, affordability for sure [is why I’m looking to buy in Newcastle].”Aspiring homeowners Avneet Kumar, 38, and Namrata Nath Kumar, 35, who have been saving for five years, also welcomed the property tax option.
“There are definitely a few questions we have, but overall [a property tax] sounds better. If something … is out of range for our pre-approval now we could have a greater deposit [if we don’t have to pay stamp duty upfront],” Mr Kumar said. “I think we should have moved to land tax policy a hell of a lot earlier,” Shearer said. “Stamp duty creates one more barrier for people to get out of the rental market, not having that lump sum payment will be a good thing, if we were still looking now it would be a massive weight off our shoulders.”
Modelling by Domain shows a buyer of an $800,000 home may need to pay the property tax for 15 years to reach the cost of stamp duty.
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