Heathcote MP Maryanne Stuart said the number of residents in rental stress throughout her electorate was a clear indication of the need for a fairer stamp duty scheme.

The Minns Labor Government has taken the first steps to reducing the stamp duty burden placed on first home buyers.

Under the changes, first home buyers purchasing a property between $700,000 or $800,000 would pay $0 in stamp duty – saving up to $31,090.

The changes will make it easier for residents throughout the state – including in Heathcote – to save for a house deposit.

It would be particularly beneficial for those residents paying exorbitant rents.

Australian Bureau of Statistics figures show the number of residents in rental stress throughout the Heathcote electorate had increased significantly from 2016 to 2021.

Rental stress occurs when a household’s rental payments exceed more than 30 per cent of the household’s income.

In Engadine the number increased by 33.8 per cent from 2016 to 2021, whilst that number also rose by 30.8 per cent in Helensburgh during the same period.

“If someone is experiencing rental stress, there is very little income left over to save for a home deposit,” Mrs Stuart said.

“This makes the great Australian dream of owning your own home even more difficult.

“Reducing the burden of stamp duty will make an incredible difference for many first home buyers.

“This proposal is a sensible and practical approach, unlike the former NSW Government’s land tax proposal.”

The table below shows impact of the NSW Government’s stamp duty proposal.