Ms LAWRIE - 2005-05-03
Could you advise the House of the likely effect of today’s announced cut in stamp duty to first home buyers for families of the Territory?
ANSWER
Madam Speaker, I thank the member for Karama for her question. The effect will be to almost cut in half the amount of stamp duty on conveyancing paid by a first home buyer. There are around 1400 first home buyers each year in the Territory. We have the highest proportion of first home buyers of any place in Australia.
We also have, and historically have had, the lowest rate of home ownership in Australia, and it is a big job ahead of us to continue to encourage it. It is good that we have the highest proportion, but that is coming off the lowest base in Australia. Raising the threshold to $200 000 means a first home buyer receiving the maximum benefit could save up to $6800. Any home less than $200 000 will result in no stamp duty being paid by the first home buyer, and that should be welcome news indeed.
In 2002, we lifted the threshold from $80 000 to $125 000 as we promised, and today, with this decision, we have put about $2.7m back into the pockets of those first home buyers. This will allow them to fit out and furnish their homes, perhaps to a higher degree than they may otherwise have done, which is also going to be helpful in terms of retail and the economy overall.
This government has three policy planks in place to assist Territorians into their own homes: the $200 000 threshold on stamp duty; the very successful HomeNorth scheme – and I commend the minister for the work being done by him and his agency; and a $1500 stamp duty rebate for people buying a home to live in. We have made a greater effort than ever before to assist Territorians to achieve their dream of home ownership, and we are going to continue it.
ANSWER
Madam Speaker, I thank the member for Karama for her question. The effect will be to almost cut in half the amount of stamp duty on conveyancing paid by a first home buyer. There are around 1400 first home buyers each year in the Territory. We have the highest proportion of first home buyers of any place in Australia.
We also have, and historically have had, the lowest rate of home ownership in Australia, and it is a big job ahead of us to continue to encourage it. It is good that we have the highest proportion, but that is coming off the lowest base in Australia. Raising the threshold to $200 000 means a first home buyer receiving the maximum benefit could save up to $6800. Any home less than $200 000 will result in no stamp duty being paid by the first home buyer, and that should be welcome news indeed.
In 2002, we lifted the threshold from $80 000 to $125 000 as we promised, and today, with this decision, we have put about $2.7m back into the pockets of those first home buyers. This will allow them to fit out and furnish their homes, perhaps to a higher degree than they may otherwise have done, which is also going to be helpful in terms of retail and the economy overall.
This government has three policy planks in place to assist Territorians into their own homes: the $200 000 threshold on stamp duty; the very successful HomeNorth scheme – and I commend the minister for the work being done by him and his agency; and a $1500 stamp duty rebate for people buying a home to live in. We have made a greater effort than ever before to assist Territorians to achieve their dream of home ownership, and we are going to continue it.
Last updated: 09 Aug 2016