Competition is fierce for first home buyers. Axing stamp duty could help.Credit:Peter Rae
Homeownership is critically important to the wellbeing and prosperity of all our people. The economic security and financial independence it offers foster freedom and confidence about the future.
Homeownership means sanctuary,privacy and stability as people raise their children,as well as a sense of responsibility for the common good because it gives you a tangible stake in the nation and its future.
You cannot put a price on what homeownership means to aspirational Australians,and younger generations deserve a share in that too. That is why we are introducing new legislation to remove one of the biggest barriers to homeownership:stamp duty.
Stamp duty can add up to 2.5 years to the time required to save the upfront costs of buying a median-priced home in NSW,even for a household with a median income setting aside 15 per cent in savings.
The great Australian dream has become a nightmare for many.Credit:Louise Kennerley
That’s two years on top of the time it takes to save an actual deposit,and in a market like Sydney,everyone knows what two years can do to house prices.
Our First Home Buyer Choice initiative will give hopeful homeowners the ability to cut stamp duty completely out of the equation.