First-time home buyers in NSW can now calculate the difference between paying an annual property tax or paying an upfront stamp duty tax with Service NSW launching a new online calculator.
Welcoming the new tool, Premier Dominic Perrottet said that under the First Home Buyer Choice Scheme, eligible first home buyers would have the choice of an annual property tax or a traditional upfront tax for properties with a purchase price of up to $1.5 million.
Treasurer Matt Kean said the First Home Buyer Choice calculator would help first home buyers decide for themselves which pathway to home ownership suited their financial circumstances and personal aspirations best.
“Treasury analysis indicates half of all owner-occupiers sell their home within 10.5 years, with first home buyers likely to sell even sooner,” Mr Kean said.
“That means for the majority of first home buyers that don’t already receive stamp duty assistance, First Home Buyer Choice will not only allow them to break into the property market earlier, but pay less overall.”
Mr Kean said legislation for the First Home Buyer Choice, which was announced in the 2022-23 NSW Budget, would soon be introduced into Parliament.
Service NSW’s new online calculator can be accessed at this PS News link and further information on the First Home Buyer Choice Scheme at this link.
