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 began yesterday 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.
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.”
First home buyers can get more information and calculate their options at https://www.nsw.gov.au/initiative/first-home-buyer-choice.
First home buyers who have bought since November 11 and was to opt in can apply at https://www.revenue.nsw.gov.au/grants-schemes/first-home-buyer/first-home-buyer-choice#apply.
