Published Monday, 01 September, 2008 at 06:00 AM
Treasurer
The Honourable Andrew Fraser
Huge tax breaks offer Queenslanders new chance in housing market: Fraser
Treasurer Andrew Fraser has encouraged every Queenslander who missed out on entering the housing market during the property boom to take advantage of generous tax breaks which take effect today.
“What these cuts to stamp duty and mortgage duty mean is that every potential first home-owner in the state will not have to set aside almost $10,000 in former charges to enter the market,” Mr Fraser said.
“I want everyone who may have thought the housing market was beyond their reach to be aware that it is now that one bit easier.
“This is a new era for first home-ownership in Queensland and it also marks a new opportunity for every twenty and thirty-something who has so far missed out to get in the game.
“From Monday September 1, first home buyers will not pay one red cent in stamp duty on houses valued under $500,000.
“From Monday September 1, first home buyers will not pay one red cent of mortgage duty on houses valued under $500,000.
“These initiatives were a central focus of this government’s first State Budget and they put Queensland front and centre in our concerted effort to help out a generation which, through the housing boom, has been locked out of home ownership.”
Mr Fraser said the tax breaks would also no doubt be welcomed by Queensland parents who are now playing host to about 50 per cent of “kidults” – those aged between 17 and 32 – who have found the housing market too difficult to enter and have either not yet left home or moved back in with mum and dad.
“Only a handful of years ago it was commonplace for twentysomething Queenslanders to become home-owners but today only one in 20 members of Generation Y owns a house.
“Savings of up to $10,000 on a house purchase will make a huge dent in the amount of cash young Queenslanders will need to stockpile before entering the market.
“Combined with the availability of the First Home Owners Grant of $7000 and an anticipated reduction in rates by the Reserve Bank, this is also good news for the housing market which in very recent times has been feeling the brunt of tougher economic conditions.
“So the message could not be simpler.
“If you have been trying to break in and finding the additional duty payments a bridge too far, now is your chance to get on board.
“If you have been shacked up with mum and dad because the associated taxes appeared insurmountable, now might be the time to have another look at leaving the roost and getting out and getting into the game.”
Mr Fraser urged potential first home buyers to visit www.firsthomebuyers..com.au which details eligibility conditions and application details for the First Home Owner Grant.
“This website also details further information about the Bligh government’s improvements to housing affordability.”
Media Contact Chris Taylor 0419 710 874
“What these cuts to stamp duty and mortgage duty mean is that every potential first home-owner in the state will not have to set aside almost $10,000 in former charges to enter the market,” Mr Fraser said.
“I want everyone who may have thought the housing market was beyond their reach to be aware that it is now that one bit easier.
“This is a new era for first home-ownership in Queensland and it also marks a new opportunity for every twenty and thirty-something who has so far missed out to get in the game.
“From Monday September 1, first home buyers will not pay one red cent in stamp duty on houses valued under $500,000.
“From Monday September 1, first home buyers will not pay one red cent of mortgage duty on houses valued under $500,000.
“These initiatives were a central focus of this government’s first State Budget and they put Queensland front and centre in our concerted effort to help out a generation which, through the housing boom, has been locked out of home ownership.”
Mr Fraser said the tax breaks would also no doubt be welcomed by Queensland parents who are now playing host to about 50 per cent of “kidults” – those aged between 17 and 32 – who have found the housing market too difficult to enter and have either not yet left home or moved back in with mum and dad.
“Only a handful of years ago it was commonplace for twentysomething Queenslanders to become home-owners but today only one in 20 members of Generation Y owns a house.
“Savings of up to $10,000 on a house purchase will make a huge dent in the amount of cash young Queenslanders will need to stockpile before entering the market.
“Combined with the availability of the First Home Owners Grant of $7000 and an anticipated reduction in rates by the Reserve Bank, this is also good news for the housing market which in very recent times has been feeling the brunt of tougher economic conditions.
“So the message could not be simpler.
“If you have been trying to break in and finding the additional duty payments a bridge too far, now is your chance to get on board.
“If you have been shacked up with mum and dad because the associated taxes appeared insurmountable, now might be the time to have another look at leaving the roost and getting out and getting into the game.”
Mr Fraser urged potential first home buyers to visit www.firsthomebuyers..com.au which details eligibility conditions and application details for the First Home Owner Grant.
“This website also details further information about the Bligh government’s improvements to housing affordability.”
Media Contact Chris Taylor 0419 710 874