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First home buyers across NSW will have a spring in their step at auctions and open homes this weekend with the First Home Buyer Choice coming into effect.
For the first time in Australia, eligible first home buyers will be given the choice between paying a smaller annual property payment or upfront stamp duty on properties up to $1.5 million.
Though the First Home Buyer Choice will not begin until 16 January 2023, first home buyers from this weekend will be eligible to retrospectively opt into the annual payment. They can apply from 16 January to opt in and have any stamp duty paid refunded.
Premier Dominic Perrottet said this choice will empower first home buyers as they head out to auctions and inspections over the weekend.
“Starting today, first home buyers will get a huge boost with a system that helps rather than hinders their journey to owning their first home,” Mr Perrottet said.
“The opportunity starts now, with buyers able to choose the option that will suit their own financial circumstances and see them come out ahead in the long run.”
Treasurer Matt Kean said more than 6,000 first home buyers are estimated to choose the annual property fee each year.
“This is about giving home hunters the chance to decide what works best for them. It will give people greater flexibility as they approach one of the biggest investment decisions most will make in their lifetime,” Mr Kean said.
“Home ownership builds economic security, financial independence, personal freedom and offers people a stake in our nation. This reform will bring thousands of people closer to that dream, sooner.”
For the purchase of vacant land intended for the construction of a first home, the price cap will be up to $800,000.
The First Home Buyer Choice is a key component of the Government’s $2.8 billion Housing Package announced in the 2022-23 NSW Budget.
Eligible first home buyers can register their interest on the Service NSW website.
An online calculator is available to assist first home buyers to assess their options. To view the calculator, go to the Service NSW website.