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New South Wales’ First Home Buyer Choice begins today, which will allow first-home buyers to opt for an annual land tax instead of an upfront stamp duty.
First-home buyers who made their purchase after November 11 can now also start applying for a stamp duty refund, which will be given within 10 business days after submission. Those applying for a refund can submit their applications here
Premier Dominic Perrottet said First Home Buyer Choice will help thousands of NSW families achieve the benefits of home ownership sooner.
“Our plan means first home buyers will shave years off the time needed to save for a property and will help them achieve their home ownership dreams,” he said.
“The wide scope of First Home Buyer Choice means it is now assisting first home buyers to get the keys to their first home, whether it is an apartment in Holsworthy, a townhouse in Kellyville or a large freestanding home in Orange.”
Treasurer Matt Kean said there were more than 56,000 uses of the First Home Buyer Choice calculator, which reflect the interest of many potential buyers.
“This new choice is empowering first home buyers to get a foot on the property ladder,” he said.
“This important reform means 97% of first home buyers will get a leg up, allowing them to buy the type of home they want, where they want to live.”
According to Treasury’s calculations, the breakeven period between upfront stamp duty and annual property, under reasonable assumptions, would be 36 years for an $800,000 apartment, 28 years for a $1m townhouse, and 26 years for a $1.25m house.
Your Mortgage previously published a guide detailing how much buyers can save with the First Home Buyer Choice.
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Photo by Karolina Grabowska from Pexels.
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