Research done just before New South Wales proposed to do away with the current stamp duty system in place clearly showed that abolishing the tax would be effective in drastically reducing the time required for early stamps. home buyers (FHB) to access the property.
According to the Gateway Bank survey, 63% of FHBs are convinced that eliminating stamp duty would reduce the time it will take them to save for a house by 20 months on average ; just under 25% said it would cut their homeownership period by a whole three years.
The bank's study, based on a survey of 700 Australians who plan to buy their first property in the next four years, found that a third (32%) of FHBs believe that the current stamp duty and other charges are prohibitive.
Gateway Bank CEO Lexi Airey acknowledged that the NSW government is not suggesting simply removing the duty, but rather replacing it with another type of recurring tax; however, she pointed out the crucial difference between a smaller annual payment and a lump sum.
"As the NSW government proposes to replace the stamp duty with a property tax, many first-time buyers would be encouraged by any measure that offers full or partial relief from this one-time initial cost," said she declared.
"The proposed switch to a new system will dramatically speed up the time to home ownership for first-time buyers and, when combined with current government programs, it offers a range of supports. for those looking to set foot on the property ladder.
"This will be particularly welcome news for many Australians who used their deposits during the COVID-19 pandemic."
Airey also spoke about the brokerage opportunity she sees in the heated conversation around stamp duty.
“As the NSW government's proposal to change stamp duties has yet to be finalized and the landscape is changing quite rapidly, there is a real opportunity for brokers to support FHB », She declared.
“While there are a number of support options available, buying any property can be intimidating, especially your first home. This is where brokers continue to play such an important role in helping FHBs navigate the market. "
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sth toowoomba
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