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NSW Politics: ALP promises stamp duty payments over 5 years for new home buyers

NSW Labor to ease first home
  buyers' stamp duty burden.
The Courier-Mail reports: FIRST home buyers of properties worth up to $750,000 will be able to pay stamp duty in monthly instalments over a five-year period if Labor wins the state election.

THE option to defer stamp duty would be open to more than 37,000 first home buyers each year."Property across greater Sydney will continue to be in high demand. Labor will act to help hard-working people achieve their dream of home ownership," Opposition Leader Luke Foley said in a statement on Monday.

Mr Foley, who is launching his Central Coast campaign in Gosford, accused the government of stripping stamp duty exemptions and first home buyer grants, leaving first home buyers up to $25,000 worse off.

This translates to a 33 per cent slump in the number of first home buyers gaining finance since 2011, he said.

"Mike Baird and the Liberals have crushed the dreams of first home buyers," he said.

"With no incentive or support, individuals and young couples working hard in Sydney just can't get into the property market and buy their first home."

Mr Foley said Labor's plan would cost $60 million and had been fully costed by the Parliamentary Budget Office.

If Labor wins the March 28 election, it will come into effect on January 1, 2016.