Dylan

Because obviously the land value will go up each year.

So your repayments are going to go up each year as well.

And the biggest thing for me was serviceability.

So me as a first home buyer by myself, I don't have a partner that I'm going in with.

I could only

get a loan up to $600,000 just because of my earnings.

Using the 5% deposit, that's only a $30,000 deposit and I've got almost double that.

So it was really just serviceability.

So if I had to pay more money every year on top of that for the land tax, it'd make it even harder to manage my finances.

So that's why I sort of wanted to opt for the paid out in the first go and then not have to worry about it.

Yeah, well, currently the cap is $650,000.

And then in the new financial year, it will be even more, I believe it will be $800,000.

And I reckon that a lot of first home buyers will be in the same position as me where they wouldn't be able to afford a property worth more than $800,000.

So in that regards, they wouldn't have to pay any stamp duty at all because they wouldn't be purchasing the property over $800,000.

So the new land tax wouldn't affect them at all.

So it would be kind of pointless for them.

Yeah, well, I've been in a good situation.

I've been living at home for the last couple of years and I don't have many bills or anything like that to pay.

I do work a lot, five, six days a week, 10-hour days or whatever.

So I've been able to save quite a lot of money, but I didn't go to university or anything like that.