Treasurer calls Help for Homes 'reheated failure'

LABOR'S announcement of a $60 million fund to reintroduce stamp duty deferral on first homes has been labelled a "reheated" failure by New South Wales Treasurer Andrew Constance.

The Help for Homes scheme would be available to all first-home buyers with a property valued up to $750,000. It would allow them to spread their stamp duty across five years with monthly payments.

"The stamp duty deferral scheme is just that, a deferral, which will have to be paid back as a $561 first-home buyer tax every month", Mr Constance said.

A similar policy was introduced under Labor Treasurer Michael Egan in the mid-1990s, but was later cancelled.

"Only 25% of first-time buyers are taking it. It is more costly to them than the discount option, and many who do take it find that they are creating a later financial trap, with almost 48% of them in arrears," Mr Egan said in 1998.



Two car accident, traffic affected in both directions

Two car accident, traffic affected in both directions

Emergency services are on the scene

Historical home back from brink

premium_icon Historical home back from brink

STORY/GALLERY: What Uloom looks like after three-years in reno rehab

Wildest costumes at Splendour

Wildest costumes at Splendour

Dressing like a brat at a kid's birthday party tends to be the theme

Local Partners