If you're an eligible first home buyer, you have the choice to pay:
- an annual property tax based on the land value of the property, or
- an upfront transfer (stamp) duty based on the purchase price of the property, and land tax (where applicable).
You can use the First Home Buyer Choice Calculator to help you compare the estimated property tax and stamp duty. The calculator is for informational purposes only and does not replace financial or legal advice.
You can choose to pay property tax if:
- you're an individual (not a company or trust) aged 18 or over
- you, or at least one person you're buying with, are an Australian citizen or permanent resident
- you or your spouse have not previously:
- owned or co-owned residential property in Australia
- received a first home buyer grant or duty concessions.
- you signed a contract of purchase on or after 11 November 2022.
- You must be a first home buyer and meet the above eligibility requirements to pay property tax. All other purchasers must continue to pay stamp duty as normal.
- If you're buying a property from somebody who is paying property tax, you will not be subject to property tax (unless you're also an eligible first home buyer and you choose to pay property tax).
Eligible properties include a house, townhouse, strata unit, company title unit, flat, duplex or a vacant block of residential land intended as the site of a first home.
A property is not eligible if it includes a business or business premises or is the site of a holiday home.
- The value of the property (dwelling) you're buying must not exceed $1.5 million. If you're buying vacant land, it must not exceed the value of $800,000.
You must move into the property within 12 months of purchase and live in it continuously for at least 6 months.
What you need
- application form
- purchaser/transferee declaration form
- copy of signed and dated Contract for Sale of Land or stand alone transfer
- certified proof of identity documents.
Note: You may need to supply additional documents depending on your circumstances. Refer to evidence requirements for full details.
How to opt in
- Check the eligibility requirements.
- Complete the following forms:
- Gather your evidence requirements.
- Submit your forms and evidence to your conveyancer or solicitor who will lodge your application with Revenue NSW as part of the conveyancing process.
Retrospective opt in
If you signed a contract of purchase between 11 November 2022 and 15 January 2023, you can claim a refund of stamp duty paid through the Revenue NSW website. You have until 30 June 2023 to claim a refund.
For more information, please refer to First Home Buyer Choice or call us on 1300 135 195. We may disclose your personal information to Revenue NSW for further review of your enquiry.