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REIWA firmly believes that the single biggest hurdle for prospective home owners in Western Australia entering the property market is the financial barrier of stamp duty.
In a survey conducted by REIWA, 90 per cent of respondents considered stamp duty to be a significant barrier to home ownership, which is why the Institute is calling for every political candidate to commit to changing the way stamp duty is paid.
REIWA is advocating for WA buyers to be given the choice to either pay the tax upfront (as is currently the case) or opt for an ongoing annual fee instead.
By introducing a two-stream revenue collection method, buyers would be able to decide for themselves which option is most beneficial, creating a more equitable taxation system.
With the 2021 WA Election only a few weeks away, REIWA is urging all political parties to commit to reforming stamp duty.
If a family saves $50,000 for a home deposit, which is no easy feat, and is looking to buy a home at the current median house price of $495,000, $17,765 of that deposit will go towards stamp duty. If you also factor in the Lenders Mortgage Insurance (LMI)
cost of $16,010, that hard-working couple has now lost almost all of their deposit requiring them to take out a mortgage worth almost 95 per cent of the property value.
While the government cannot remove exorbitant LMI charges, it has a duty to review taxation policies that are creating a barrier to home ownership across WA and the country.
REIWA has been a long time advocate of the removal of stamp duty in favour for a broad-based land tax system.
If you are interested to find out more on REWA's advocacy efforts relating to stamp duty, read some of our articles below: