BEATTIE GOVT ACTS TO GIVE 1ST HOME OWNERS A BOOST

The Beattie Government will deliver a key election commitment to make home ownership more affordable for first-home buyers at the first sitting of Parliament next week.

Acting Premier Anna Bligh today said Cabinet had approved the introduction of legislation that would ease the financial burden on first-home buyers by cutting stamp duty.

“Owning a home is the great Australian dream. But for many Queenslanders rising interest rates coupled with the high cost of housing has put home ownership beyond the reach of many families,” Ms Bligh said.

“Our Government made a commitment during the election campaign to ease the financial pressure on first-home buyers by abolishing or reducing stamp duty on homes and vacant land,” she said.

“One of our first priorities since regaining office is to make good on this commitment.”

Ms Bligh said the stamp duty changes, outlined in the Revenue and Other Legislation Amendment Bill 2006, would be introduced at the first sitting of Parliament - the week beginning October 10.

“Under the legislation, from January next year first-home buyers:

Will pay no stamp duty on:

• an established home valued up to $320,000 (current threshold $250,000)

• a vacant block of land up to $150,000 (this supersedes the $100,000 threshold announced at 2006-07 Budget which was to take effect in January 2007)

Will pay less stamp duty on:

• an established home valued over $320,000 but less than $460,000 or

• a vacant block of land valued over $150,000 but less than $300,000

“These changes will save first-home buyers up to $1400 on an established home and up to the full stamp duty charge of about $4000 on a vacant block of land from January next year.

“We anticipate about 12,000 first-home owners will benefit from the stamp duty cuts.”

In addition the Bill will also:

• Abolish hire duty and transfer duty on unquoted marketable securities as committed to in the 2005-06 State Budget from January 2007, and
• Extend Queensland’s fuel subsidy scheme to alternative fuel products such as biodiesel and give legislative effect to arrangements already in place enabling business operators of certain equipment type vehicles such as concrete pumping trucks and mobile cranes to receive the subsidy for diesel they use when travelling on public roads

SAVINGS TABLE FOR FIRST-HOME BUYERS (Principal Place of Residence)

* Includes full saving first-home buyers will benefit from under the 2006-07 Budget Commitment to introduce a stamp duty exemption on vacant land valued up to $100,000 from January 2007 and the 2006 election commitment

Media contact: Deputy Premier’s office 3224 6900