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Stamp Duty Cuts Great News For First Home Buyers First home buyers in the Morwell Electorate have received a huge boost through Coalition plans to cut stamp duty, Nationals Member for Morwell Russell Northe said this week. By Russel Northe - 23rd November 2010 - Back to News Mr Northe said the Coalition, if in government after Saturday, would slash stamp duty for eligible first home buyers by 50 per cent on principal place of residence homes.
"This will be a huge boost for people looking to buy their first home. Under Labor the cost of housing has reached a frightening level, making it extremely difficult for first home buyers in particular to enter the market.
"The current high stamp duty tax regime is making housing right across the board more unaffordable. Victorian home buyers deserve a better deal," he said.
Mr Northe said the current shortage of land developed for housing in the Latrobe Valley has made the established housing market fiercely competitive, and high stamp duty costs are limiting options for many potential home buyers.
"Without the option of building, purchasing an already established house is proving to be a costly exercise for first home buyers, of which excessive stamp duty is a huge factor.
"Reducing the costs associated with purchasing a house will assist many of our young people by providing a wider range of affordable properties within the housing market."
Mr Northe said that under the Coalition plan, the 50 per cent cut in stamp duty would be phased in over the first term of government, starting with a 20 per cent cut from July next year.
"It will represent a major saving for first home buyers, and for many, it will be the difference in being able to make that successful bid. The current high tax regime of Labor is effectively locking many of these people out of entering the market," he said.
Mr Northe said that the existing first home buyers grant and bonuses for new homes would be maintained by the Coalition.
Source: www.gippsland.com Published by: news@gippsland.com
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