‘Weight off our shoulders’: First home buyers welcome property tax

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.

Source: News Formal (newsformal.com)

Domaincomau You willbe complaining when you have to pay it every year and prices keep increasing

Domaincomau This will significantly reduce borrowing capacity for first home buyers. It's not good for anyone except investors who don't want to outlay upfront and can handle the excess debt.

Domaincomau You are all delusional if u think land tax CV is better

Domaincomau What a load of BS! Taking advantage of inexperienced home buyers to screw them over in the medium to long term!!

Domaincomau Putting on the pig's lipstick.

Domaincomau Increasing with property value forever!!!!!!

Domaincomau BUT NAILED - Forever

Domaincomau As I remember States were suppose to stop taking stamp duty when GST was introduced. what happened there?

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