The state government is expected to abolish stamp duty on new homes for first home buyers in this week’s first Parliament Sitting of the year.
Low Deposit Homes Director, Chaice Paterson has called it one of the best policies that’s been implemented for a very long time.
“When we look at stamp duty it’s a huge cost to first home buyers, and the fact they’re basically abolishing that for any new builds is good policy,” Mr Paterson said.
“When we look at it from what a client’s needs in terms of funds to complete to complete the purchase, it significantly reduces the amount of money they need upfront.
“If you’re looking at a million dollars for an established house versus a million dollars for a brand new house, the difference in price for a first home buyer to get into the market will now be $35,000 less because of the stamp duty being abolished.
“In my opinion, it is a very, very good thing.”
Treasurer and Minister for Home Ownership David Janetzki said the government would put Queensland back on top of the home ownership ladder within a decade.
“We are boosting housing supply to increase Queensland home ownership rates,” Mr Janetzki said.
“Scrapping first home buyer stamp duty on new builds provides real savings and puts the Great Australian Dream back within reach.”
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