Last night we told you about the raft of revenue measures that were agreed by the senate. It's a part of government's last popularity push before the election and it includes a big break for wage earners, but it also has some other cost saving measures tucked in there.
One measure that will provide savings to home owners is an adjustment on the taxes on mortgages - which should drive banking fees down. The Minister of state for Finance explained:
Chris Coye, Min of State - Finance
"What we what, is set out in this amendment bill is the exemption, the removal completely of stamp duty on any mortgage or any assignment of mortgage or any cancellation mortgage, up to $100,000. Again, once again, the focus is on, of addressing, the hard working Belizean that that can't afford high interest rate loans for whom It's not fair to have high interest rate loans that they will have to pay. This amendment will enable or remove a significant barrier to entry. That in turn, will enable interest rates to, to be more competitive to, to even that small borrower as opposed to, to just large borrowers."
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