Posted on: 03 August 2023
The Opposition is calling on Peter Malinauskas to urgently review his deceptive stamp duty relief scheme for first home buyers – with many young South Australians fearing they’ll have their dreams of homeownership dashed because of Labor’s restrictive eligibility criteria.
Today, Shadow Treasurer Matt Cowdrey met with first home buyer Lauren Meehl who has purchased an off the plan, one bedroom apartment at Tonsley, with construction due to be completed by the end of the year.
Ms Meehl initially thought she would be eligible to have her stamp duty abolished as her property is a new build that’s valued under $650,000.
Although Ms Meehl won’t pay stamp duty on her new home until the time of settlement, she doesn’t qualify for Labor’s support package as she signed her contract prior to their announcement in June.
Matt Cowdrey said the Opposition’s been contacted by many aspiring homeowners like Ms Meehl who fear with rising interest rates and other cost of living pressures, they may have no choice but to walk away from their contracts.
“Peter Malinauskas sold his stamp duty scheme like it was a silver bullet to solving our housing crisis – but once you read the fine print, you discover many South Australians with a dream of buying their first home simply aren’t eligible,” Mr Cowdrey said.
“For those like Lauren, hearing the words ‘no stamp duty on new homes’ was music to her ears, with the stress of rising interest rates – so she was completely shocked to learn she doesn’t qualify, even though she’s yet to pay stamp duty on her apartment that’s still under construction.
“With soaring cost of living pressures, the dream of homeownership is getting further and further out of reach for many South Australians – that’s why we’re calling on Peter Malinauskas to urgently review this scheme.
“Peter Malinauskas can’t give up on this group of first home buyers that are being left to fall through the cracks.
“We need to see a boost in housing supply to help ease the rental crisis, so we don’t want to see a wave of first home buyers backing out of contracts because they don’t meet Labor’s narrow eligibility criteria.”