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First home buyers throughout the electorate have received a huge boost with Coalition plans to cut stamp duty, Member for Swan Hill, Peter Walsh, said this week.
“If elected to government on Saturday we will cut stamp duty for eligible first home buyers by 50%,” Mr Walsh said.
“This will be a huge boost for people looking to buy their first home.
“Under Labor the cost of housing has reached a frightening level with the current high stamp duty tax regime making it extremely difficult for first home buyers in particular to enter the market.”
Mr Walsh said that under the Coalition plan, the 50 per cent cut in stamp duty would be phased in over the first term of government, starting with a 20 per cent cut from July next year.
“It will represent a major saving for first home buyers, and for many, it will be the difference in being able to make that successful purchase,” he said.
“We will also be maintaining the existing first home buyers grant and bonuses for new homes.
“This is particularly about enabling young people in regional areas to realise the Australian dream of owning their own home,” Mr Walsh said.
“This stamp duty commitment, the higher education opportunities we are providing and our investments aimed at improving services and facilities in regional Victoria are about providing the incentives for young people to stay in our communities and to also attract city dwellers to country Victoria.
“Young families are our future and the Liberal Nationals Coalition are determined to work with our rural communities to ensure these young people stay and live in our region,” Mr Walsh said.