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Nats Pledge Stamp Duty Relief For Country Home Buyers

First home buyers in country Victoria should be exempt from stamp duty according to Leader of The Nationals Peter Ryan and Upper House MP Peter Hall.

By Peter Hall - 9th October 2006 - Back to News

The Nationals are supporting a stamp duty exemption to encourage young people to make their home in regional areas to help address the skills shortage in key areas such as health services.

The party is also seeking an exemption for people under 35 purchasing agricultural land to assist a new generation of young farmers to establish themselves in Gippsland.

With the Bracks Government receiving more than $2.6 billion in stamp duty over the past 12 months – an increase of $300 million on the previous year – The Nationals are calling for immediate relief for country first home buyers.

"We estimate it would cost in the vicinity of $100 million – it is affordable and it is a way to address the skills shortage in Gippsland and Latrobe Valley," Mr Ryan said.

"Providing stamp duty relief is a practical and common sense approach to providing incentives for young people to either relocate to a regional area or remain in country Victoria.

"Under our plan for Growing Country Victoria, the stamp duty exemption would apply to first home buyers when they purchase a property for less than $500,000."

Gippsland Province Upper House MP Peter Hall said The Nationals plan would result in substantial savings for first home buyers.

"The Nationals are the only party that is completely focused on the issues of concern to country people and we want to make it more affordable for young people to establish themselves in Gippsland," Mr Hall said.

"On a $200,000 home the saving would be $7660 which is significant incentive for anyone considering a move to our region.

"A lot of young Gippslanders are forced to move away from the region for additional training and an incentive like this would help to bring them back.

"We need their skills here in Gippsland, particularly in areas such as health or among trades where it is becoming difficult to recruit qualified people."

The Nationals plan to abolish stamp duty on farmland purchases for people under 35 is designed to assist younger people to seek a career in agriculture.

"The cost of purchasing a farm is an enormous investment for a young person to make and if we are going to encourage young families to stay on the land we have to be willing to reduce the barriers where possible," Mr Ryan said.

Source: http://gippsland.com/

Published by: news@gippsland.com

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