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Help to enter the housing market.

Under the proposed changes, eligible first home buyers could have access to a $25,000 grant and the choice to pay a once-off stamp duty or an annual property tax.

First home buyers

First home buyers

Amanda and Tim are looking to buy their first home. They have a budget of $750,000 and will upgrade to a larger home in the coming years as their family grows. When buying their new home, they would be able to choose to pay the once-off stamp duty or the proposed annual property tax. As eligible first home buyers, they could also receive a $25,000 grant to spend as they wish.

  2021 First home $750,000 Total tax over 10 years After $25,000 grant (savings)
Stamp duty or $29,085 $29,085 -$4,085
Property tax Starting at $1,143 p/a $13,590* +$11,410

Total savings over 10 years by choosing the property tax: +$15,495

To provide flexibility to move as their family grows, Amanda and Tim choose to pay the annual property tax instead of stamp duty, and save $15,495 over 10 years.

* An (illustrative) estimated growth rate of 3.8% per year has been applied to the property tax payment.

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