Eligible first home buyers are now able to ditch upfront stamp duty 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 has commenced 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.
Member for Willoughby Tim James welcomed the launch of First Home Buyer Choice.
“The NSW Government is helping first home buyers get into their first home sooner,” Mr James said.
“First Home Buyer Choice will shave years off the time needed to save for a property and help them achieve their dream of home ownership.”
“This is part of a commitment to helping families buy the home they want, where they want including right here in our community of Willoughby.”
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-homebuyer/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.