Pay as you go stamp duty – Good idea?
The Real Estate Institute of New South Wales has proposed a new scheme for First Home Buyers to ease the burden of having to pay Stamp Duty on top of the property purchase price. The pay-as-you-go stamp duty is designed to be similar to that of University HECS repayment.
Purchasers will be able to pay off their stamp duty over the course of three years however the government would be ‘protected’ with stamp duty guaranteed against the property in the same way as unpaid land tax.
The proposal is being actively considered by the state government to encourage first home buyers to get their foot in the fast growing property market.
So what do you think? Do you think the pay-as-you-go scheme will encourage first home buyers to purchase?
If you would like to know more about First Home Buyers then contact our friendly Property department.Back