Treasurer Matt Kean MP said about two-thirds of first home buyers in the $800,000 to $1.5 million price range are expected to choose the smaller annual fee because it would lower their overall tax payments.
Treasury’s calculations show that under reasonable assumptions, the breakeven period between upfront stamp duty and an annual property fee would be 36 years for an $800,000 apartment, 28 years for a $1 million townhouse, and 26 years for a $1.25 million house.
“This reform will not only help first home buyers get the keys to their home sooner, but will also result in many first home buyers paying less overall,” Mr Kean said.
Learn more here: https://nswliberal.org.au/Shared-Content/News/2022/First-Home-Buyer-Choice
The content above from the originating party/author(s) may be of a point-in-time nature and edited for style and length. The views and opinions expressed are those of the original author(s). View original.
AusPol.co Disclaimer