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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.
A broad-based land tax would see the upfront payment abolished and replaced with yearly payments that would be calculated and paid in a similar way to how property owners currently pay their rates.
Spreading the cost of property taxes across many years will make home ownership a reality for more West Australians, while creating a steady stream of income for state and territory governments.
Phasing in these changes would ensure no property owners pay twice.
With the State Election due to be held in 2021, REIWA is urging the McGowan Government to put stamp duty on the agenda.
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 Federal 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: