John Symond tentatively backs REINSW stamp duty deferral proposal for first-home buyers

Jonathan ChancellorApr 17, 2012

John Symond of Aussie Home Loans has given tentative support to the proposed scheme that would allow first-home buyers to pay off their stamp duty over three years rather than in one upfront lump sum.

The Real Estate Institute of NSW (REINSW) is urging the state government to allow first-home buyers to gradually pay off their stamp duty.

But Symond says while the proposed scheme looked good on paper that young first-home buyers needed to vigilantly do their sums.

"I think you've got to be careful. Young, inexperienced buyers can easily get over their heads," he told News Limited.

"Australians have traditionally been better borrowers than savers. If first-home buyers have the possibility to repay it in time then great, but I wouldn't like to see it impede young people ... by just deferring the inevitable."

Australian Mortgage Options founder Robert Projeski has also backed the proposal.

 

 

 

 

Jonathan Chancellor

Jonathan Chancellor is one of Australia's most respected property journalists, having been at the top of the game since the early 1980s. Jonathan co-founded the property industry website Property Observer and has written for national and international publications.