You will obviously know the under the proposed changes, first home buyers will no longer be able to avoid having to pay transfer title charges on existing homes under $600,000 from 1 January 2012. Stamp duty exemptions will now be restricted to newly built and off the plan properties only. All First home buyers will be impacted by the changes.
“Australian Property Monitors Andrew Wilson agreed and said the changes would switch the focus from established dwellings to new homes over the medium term.” “The government wants people to look at new properties and these changes will help this happen over the longer term. However, in the short term, first home buyers are definitely going to be worse off in the market place. They will have less capacity to buy a home, because they will be down approximately $18,000,” Mr Wilson said.
Source: Yellow Brick Road - Wealth Management [read more]