CHANGES TO STAMP DUTY HAVE BEGUN: FIRST HOME BUYERS HAVE OPTIONS

As of the 16th of January 2023 Stamp Duty changes are now available to first home buyers. 

Housing affordability has been a growing generational issue that is in need of serious and meaningful reform. Home ownership is the unrealised dream of many Australians from all ages. 

Last year the State Government passed the Property Tax (First Home Buyer Choice) Bill 2022 and I supported it. These reforms provide first home buyers the option of either paying stamp duty or by nominating to pay an ongoing property tax.

The greatest hurdle that first home buyers face getting into the property market is not the ongoing maintenance of a mortgage but rather having a sufficient deposit to start with.

These reforms are not a silver bullet, they are not applicable to all first home buyers or all situations but they are a welcome start and will provide a viable option for many.