If you’re a first home buyer, there’s no doubt that getting into the property market is a challenge. We’ve helped many first home buyers navigate their first home loan and know that the additional costs associated with the purchase such as stamp duty and legal fees, are an important consideration when it comes to budgeting.
An interesting article in a recent issue of ‘The Adviser’ publication talks about how governments are looking at the potential benefits of replacing stamp duty with an annual land tax to make buying a home more achievable for first home buyers.
The NSW government recently passed legislation that offers first home buyers who purchase a property worth up to $1.5milion the option of paying an annual fee of $400 plus .03% of the land value instead of paying a one off stamp duty cost.
To ready the full article, click here