17 Nov 2020

NAB statement on NSW stamp duty proposals

Quotes attributable to Andy Kerr, NAB Executive, Home Ownership:

“We welcome the NSW Government’s announcement today that it will be looking to revise its policy on stamp duty and consulting with the community on the changes.

“For many customers stamp duty is a big hurdle to buying a home. Any attempt to free up land purchasing and update the current system in the interests of prospective home owners is a good thing. This is most critical for first home buyers, who are often slowed down by the cost of stamp duty.

“We also support the idea of the opt out model, which gives homebuyers the ability to choose the option that’s right for them.

“We expect the proposed changes would help to stimulate economic activity once implemented.

“We welcome the public consultation and will engage with the process.”

Background:

  • On average, NAB lends more than $4 billion every month for customers to buy, renovate or refinance their home.
  • Since launch NAB has helped more than 3,000 customers into their first home with the support of the Federal Government’s First Home Loan Deposit Scheme.

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