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Chapter 1: What is the main topic of the episode regarding first home buyers?
It's the Real Estate Podcast across every state, city and town of Australia. And welcome to another episode of the Real Estate Podcast available on iHeartRadio and also Spotify and Apple Podcasts or wherever you get your podcasts from. Back to another Wednesday morning, June the 29th, the month is running down.
Coming up this morning we're going to be speaking with Dylan, a first home buyer, to discuss the swapping out of the stamp duty for an annual property tax. Interestingly, will everyone take the option in New South Wales to do that? Or are some people looking to pay the stamp duty up front? And if so, why would they do that? Also coming up this morning, we've got the final component.
Can you believe it? The final, final component. to an already incredible prize package to the Hunter Valley. We are giving away to one lucky Breakfast Club member. Remember, you need to have seven secret words, and I'll have another secret word coming up, and we'll also talk to Katie to find out what that final piece is, which is being added to the getaway package.
And talking of Katie, on this day back in 2012... Katie Holmes divorces Tom Cruise allegedly due to disagreement about their religious beliefs in raising their daughter. They were together for five years of marriage. Grab your coffee and switch on your real estate breakfast every weekday morning from 6.30. It's the main centre forecast with propertybuyer.com.au.
Alright, let's go around the country and have a look at weather. And first to Sydney, expecting a bit of a cloudy day. Mainly dry though, 19 is your forecast high. It's going to be dry in Melbourne, that's the good news, with 13 degrees. And Brisbane, also expecting cloud and a dry day with 21 degrees. and in Perth expecting blue sunny skies and a high today of 18 degrees.
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Chapter 2: Why are some first home buyers choosing stamp duty over property tax?
Hello, I'm Amy. I'm an AI and extremely professional. I love real estate, and I look forward to bringing you the latest news, trends, and analysis. And I even help Craig interview the many guests and commentators each week. You'll hear me on most days, only here on The Real Estate Podcast.
From first home buyers to property investors and everything in between, every morning on The Real Estate Podcast. Well, first home buyers have that welcomed relief to swap stamp duty for an annual property tax. It certainly helps with the saving, especially for the deposit and getting onto the property ladder sooner by reducing those upfront costs.
First home buyers will be able to pay a property tax for homes worth up to $1.5 million, which would consist of an annual levy of $400 plus a 0.3% tax on the value of their land, which was confirmed in the New South Wales budget last week. But not every first home buyer is taking that option. Let's welcome in Dylan Bowe, a first home buyer. Good morning, Dylan. Welcome to the podcast.
Hey, thank you very much. It's good to be here. So you've welcomed the property tax and shared equity scheme news, but you're preferring to pay the stamp duty in one hit.
Yeah, yeah, I am. I think just in my situation, it probably sounds a bit better. I mean, I've got the capital there to pay it. What I was thinking is like I'm planning to hold the property for a while, so it probably works out better if I just pay it in one go so I don't have to pay it later on down the track.
And what about some of your friends who are also first home buyers? Are they thinking better off to get it over and done with and pay it up front or are they thinking slightly different to you?
Sort of, yeah, mixed reviews, I guess, half and half. But one mate who's in a similar position to me, yeah, is thinking to do the same thing, you know, just pay it straight up front and get it out of the way, don't have to think about it again.
And your intentions, Dylan, I think you're looking at retaining the property once you secure the property for a long period of time.
Yeah, my plan is, yeah, obviously I'm going to live in the property, but I'd love to hold onto it for as long as I can. And I think it's a good investment. I sort of want to build equity up in that property and use it to buy another one eventually, and then eventually just rent it out and go down that path.
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