Eligible first home buyers will be able to ditch upfront stamp duty from today in favour of a smaller annual fee on properties purchased up to $1.5 million, while those who've bought in the last two months can now apply for a refund.
First Home Buyer Choice begins today and eligible first home buyers who bought after November 11 2022, when the initiative became law, can opt in to the annual fee and will receive a stamp duty refund within 10 business days.
Premier Dominic Perrottet said First Home Buyer Choice will help thousands of NSW families achieve the benefits of home ownership sooner.
"The new year brings a new choice for first home buyers. 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," Mr Perrottet said.
"This will be a game-changer for first home buyers. The Liberal and Nationals are backing first home buyers to get the keys to their first home sooner.
"This national first will significantly reduce upfront costs, reduce the time needed to save for a deposit and will see most first home buyers pay less tax overall.
"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 interest in First Home Buyer Choice was strong with more than 56,000 calculations made online comparing the smaller annual fee to upfront stamp duty.
"Eligible first home buyers can now opt out of stamp duty in favour of a smaller annual fee while those who have bought since November 11 2022 can get a refund of stamp duty within 10 business days and pay the annual fee instead," Mr Kean said.
"This new choice is empowering first home buyers to get a foot on the property ladder.
"This important reform means 97 per cent of first home buyers will get a leg up under the Liberal National Government's policies, allowing them to buy the type of home they want, where they want to live."
The property sector has been engaged and briefed on the program and is ready to help potential buyers choose what will work best in their circumstances.
First home buyers can get more information and calculate their options here: https://www.nsw.gov.au/initiative/first-home-buyer-choice
First home buyers who have bought since 11 November 2022 can apply to opt into annual property tax and have their stamp duty payment refunded within 10 business days. They can apply at: : https://www.revenue.nsw.gov.au/grants-schemes/first-home-buyer/first-home-buyer-choice#apply
First Home Buyer Choice is part of the NSW Government's $2.8 billion Housing Package announced in the 2022-23 Budget, which aligns with the Housing 2041 vision.
