On 1 July, a raft of changes were introduced to stamp duty regimes across the country. Here, we look at what’s changed, state-by-state. Stamp duty is paid to the relevant state government when a property transaction occurs. New South Wales Much has changed to the stamp duty regime in New South Wales, which has experienced […]Read More
Category: Stamp Duty
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Stamp duty is being abolished for first home buyers in Victoria as part of changes the Government is making to existing legislation. Stamp duty adds significant costs to property purchases, so this change will reduce the fees that property seekers will be up for. However, it may not necessarily make housing more affordable. The Victorian […]Read More
There are many incentives offered by banks to help first home buyers get into the market, including using your rent history as “genuine savings” or allowing a Parental Guarantee’s to wipe out the potential $20,000+ cost of Lenders Mortgage Insurance. In addition there are 2 big “leg-up’s” offered by the Qld Government. These are the […]Read More
The Property Council of Australia has released a statement calling for state governments to reconsider their stance on the implementation of stamp duty. Latest figures from the New South Wales government have revealed that the state is on its way to receiving a record revenue from stamp duty this year: 8 billion dollars, more than double what […]Read More
Applying for first home loans in Queensland could soon become a more attractive prospect, especially if reforms proposed by one group are brought into force. The Real Estate Institute of Queensland (REIQ) has put forward a number of suggestions that may open up the market to anyone who is yet to buy their first home. […]Read More
Giving people access to home loans is crucial to the health of the overall economy. Not only does it support the property sector, but also gives construction companies incentive to build homes to meet demand. As a result, the latest home lending figures from the Australian Bureau of Statistics (ABS) are likely to have proved […]Read More