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Speaker 1: This is jam Nation with Jonesy.

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Speaker 2: Big news yesterday as thousands of first home buys will

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Speaker 2: now be able to unlock the dream home ownership sooner

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Speaker 2: after the Perrote government passed the historic first Home by

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Speaker 2: a Choice legislation in parliament we've been talking about throughout

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Speaker 2: the morning. It means for the first time first home

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Speaker 2: buys will be given the choice between paying a smaller

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Speaker 2: or they call it an annual property fee, but like

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Speaker 2: a land tax versus the upfront stamp duty which is

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Speaker 2: so debilitating for people. To tell us more Premier Dominic Perrote.

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Speaker 1: Hello, Hi Amanda, how are you going?

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Speaker 3: Very well?

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Speaker 2: Thank you? So I'm a bit confused talk us through

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Speaker 2: exactly how this works. First of all, this is for

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Speaker 2: properties up to one point five million.

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Speaker 1: That's correct. So currently people obviously have to pay stamp

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Speaker 1: duty and I've always believed stamp duty is one of

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Speaker 1: the worst taxes. It really is an impediment for people

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Speaker 1: getting into the property market. So what we've passed through

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Speaker 1: the parliament yesterday, which comes in tomorrow, is for first

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Speaker 1: time buyers for the first time will have a choice

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Speaker 1: of either paying that up front stamp duty or paying

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Speaker 1: a smaller annual amount. So to give you an example,

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Speaker 1: if someone's looking at buying a unit that may be

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Speaker 1: at a price of eight hundred thousand dollars, they currently

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Speaker 1: have to pay around thirty two thousand dollars in stamp duty.

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Speaker 1: Now they can now pay that thirty two thousand dollars

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Speaker 1: in stamp duty, or they can choose to pay a

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Speaker 1: smaller amount of around one two hundred dollars every.

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Speaker 2: Year until that your place is sold. What happens when

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Speaker 2: you on.

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Speaker 1: Seal, Yes, so when you on seal, they will then

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Speaker 1: have to pay stamp duty for their second property. So

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Speaker 1: it's just about helping young people right across the state

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Speaker 1: get their keys to their first home sooner. And we

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Speaker 1: know that for many people that can take up to

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Speaker 1: two and a half years to pay for that stamp

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Speaker 1: to save up for that stamp duty, and so this

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Speaker 1: is all about providing choice for people to make the

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Speaker 1: decisions that suit their circumstances. And now you know, as

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Speaker 1: a as a parent, one of the things that really

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Speaker 1: does concern me is the capacity for my children to

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Speaker 1: be able to buy into the property market. So through

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Speaker 1: the Service New South Wales website, I'd say to your

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Speaker 1: listeners today you can go on to the website. You

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Speaker 1: can type in a property that you're looking at purchasing

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Speaker 1: and it will tell you how much the stamp duty

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Speaker 1: is and how much the annual amount is and you

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Speaker 1: can make the choice that best suits you.

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Speaker 3: And you can change your mind as well, can't you?

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Speaker 3: Dom So I said, you're Johnny first home buyer.

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Speaker 4: You buy your place and then you sell that, say

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Speaker 4: in ten years, and you buy another place.

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Speaker 3: Can you have that choice? Are you always stuck with now?

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Speaker 2: But then you're not a first home buyer second time around?

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Speaker 1: This is only your first home by Jones because because

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Speaker 1: I mean, this is a costing the budget over seven

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Speaker 1: hundred million dollars, so it's obviously expensive, but that's more

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Speaker 1: money back in the pockets that's saved for families across

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Speaker 1: across the state. But it's just a first home buys.

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Speaker 1: It gives them that choice, and I think it make

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Speaker 1: it all different because it's not about buying. It's not

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Speaker 1: about buying your dream home. It's about buying your first home.

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Speaker 1: And many people will buy We'll get into the company

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Speaker 1: market first by buying an apartment. Then they might get married,

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Speaker 1: have kids, and then they'll want to move up and upsize.

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Speaker 1: So if they can save thousands of dollars in not

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Speaker 1: having to pay for that stamp duty, I think it'll

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Speaker 1: make a real difference to people across the state.

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Speaker 4: And also statistically, if someone was to buy their first

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Speaker 4: house like my grandmother and lived in the same house

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Speaker 4: for all her ninety years, that doesn't happen anymore, but

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Speaker 4: that sort of person would.

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Speaker 3: They wouldn't benefit from this scheme, though, would they.

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Speaker 1: And that's why we've and that's why we've based it

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Speaker 1: on choice. And most people today don't live in their

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Speaker 1: first home forever, so we're seeing it over. They might

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Speaker 1: live in it for five or six years, and they'll

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Speaker 1: save thousands of dollars and the break even for I'll

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Speaker 1: give you an example about that. So you'd have to

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Speaker 1: live in a property of that apartment for thirty six years,

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Speaker 1: for thirty six years, and that's the break even points.

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Speaker 2: So I can't imagine anyone choosing stamp duty.

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Speaker 1: Then well, we think thousands of people will take it up.

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Speaker 1: And it's all about choice. I mean, some people might

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Speaker 1: be in a position where they find their dream home

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Speaker 1: as their first time and they may elect to pay

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Speaker 1: the stamp duty. It's really, it's really it matter for them.

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Speaker 1: But all I want to do is get rid of

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Speaker 1: that barrier that takes people. You know, I said two

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Speaker 1: and a half years to say for that stamp duty.

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Speaker 1: By the time they've done that, they've gone further back

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Speaker 1: in the property market and they're not getting the home

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Speaker 1: that suits their needs. So we believe this choice will

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Speaker 1: make a real difference. We've made it as easy as

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Speaker 1: possible for people to make that choice by being able

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Speaker 1: to go to the Service New South Wales website, type

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Speaker 1: in the property that will show you the stamp duty,

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Speaker 1: that will show you the annual amount that you'll pay,

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Speaker 1: and you can make the decision that suits you.

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Speaker 2: I've seen some comments on socials with people saying this

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Speaker 2: will just push up property prices. Is this something we

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Speaker 2: can do to stop that happening.

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Speaker 1: Well, that's not the evidence, and that's not the advice

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Speaker 1: and what we've seen from the information that's been provided,

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Speaker 1: and we know that this is solely aimed at first

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Speaker 1: land buyers. It's about providing that trust. Everyone will always

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Speaker 1: have an opinion on the property market, but that the

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Speaker 1: problem with state governments the way the structures are set up,

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Speaker 1: is that we rely on so many poor taxes to

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Speaker 1: run services across across New South Wales. But I think

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Speaker 1: the worst possible tax is this one because it just

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Speaker 1: stops people getting that security of home ownership. And we

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Speaker 1: can't have an Australia that can't house its children. There's

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Speaker 1: not a parent right across our state is not worried

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Speaker 1: about their kids being able to have that opportunity. And

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Speaker 1: it's a combination of things. So it's not just this policy.

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Speaker 1: We've got to build more homes. We've got to unlock supply,

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Speaker 1: continue to build, to build the infrastructure to make sure

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Speaker 1: that people have access to housing.

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Speaker 3: That's it. And I've never seen the stamp either, the irony.

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Speaker 2: Every time you don't get anything back, you don't.

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Speaker 3: Get anything for it. You don't even see the stand.

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Speaker 1: Yeah, guys, this is the thing. Right when this tax came,

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Speaker 1: when it started over one hundred years ago, it would

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Speaker 1: have been it would have been a very small fee

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Speaker 1: for someone to stand a document. That's why it's Gord's

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Speaker 1: deb and it's just turned into attacks that states had

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Speaker 1: to rely on. And so the more that we can

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Speaker 1: do to put to help to help our first time

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Speaker 1: buys get in, I think is a great thing, and

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Speaker 1: it was the historic day yesterday with the Parliament passing

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Speaker 1: it and it comes in from tomorrow. So from tomorrow,

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Speaker 1: if people want to go to auctions across the state

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Speaker 1: this kicks in, they can make that choice.

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Speaker 3: There you go, well, Dominic, these things are happening. That's great.

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Speaker 3: We'd love to hear things happening. Thank you for joining us, No.

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Speaker 1: Thanks, guys, have a great weekend and joy the sunshine.

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Speaker 3: Thanks petting to our Premier Dominque Parite. Then