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ARTICLE · 22 MARCH 2024

What is the NSW First Home Buyer Choice?

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What is it, and how might it affect your property purchase??

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Lindsay McGregor
Lindsay McGregor
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What is the NSW First Home Buyer Choice?

What is it, and how might it affect your property purchase??

Key takeaways

  • Recent legislative changes in NSW allow eligible first home buyers to choose to pay a yearly tax, rather than upfront transfer duty.
  • Eligible purchasers of property with a contract date from 11 November 2022 may opt-in to the scheme.
  • This new initiative is in addition to any grants or assistance currently on offer for first-time homeowners.

What is the NSW First Home Buyer Choice?

Under changes enacted in the Property Tax (First Home Buyers Choice) Act 2022, an eligible first home buyer purchasing a property worth up to A$1.5 million is able to choose to either pay an upfront amount for transfer duty or pay an annual property tax.This is in addition to any first homeowner grants or assistance currently offered by the NSW Government. This assistance currently includes a grant of up to A$10,000 under the First Homeowners Grant (New

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