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.

Topics:  nsw election 2015

MISSING: Police appeal for help to locate three teens

Police are searching for information to find three missing children who are believed to be travelling on the North Coast.

Concerns held for welfare of missing children

TURNING RIGHT IS NOT RIGHT: Poll results are in

The offending no turn sign on the Through St/Bent St roundabout blocks the view of traffic enterring to the right causing havoc for drivers.

Police get popular support for traffic campagin

Investor interest in $1.175m Iluka property

HIGH END: The two near new flats, a part of the property for sale at 80 Charles St, Iluka.

80 Charles St boasts potential for growth

Local Partners