If you are a first-time homebuyer in New South Wales, you may have heard of the NSW Property Tax – First Home Buyer Choice Initiative. This initiative is designed to help make buying a home more affordable for people who are taking their first steps into the world of property ownership. Here’s what you need to know about the program and how it works.
Commencing Monday, 16 January 2023 first home buyers that purchase a property in NSW will have a choice to pay one of the following:
🟪 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).
The NSW Property Tax – First Home Buyer Choice Initiative is an excellent way for first-time homeowners in New South Wales to save money on their home purchase. By providing eligible buyers with a 50% discount on transfer duty, this program helps make buying a home more affordable and accessible for those who might otherwise struggle with rising house prices and other costs associated with owning real estate.
Further information on the eligibility requirements, calculator and the current transitional period where customers can apply for a refund of the duty after 16 January 2023 can be found on the NSW Revenue website.
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