What is First Home Buyer Choice?

The NSW Government is offering first-time homebuyers the opportunity to reduce their initial expenses

Eligible first home buyers can choose a reduced annual property tax instead of upfront transfer duty for properties up to $1.5 million.

If you are eligible, you can choose between:

1.

Paying transfer duty based on the purchase price or current market value of your property, whichever is higher

OR

2

Paying a smaller annual property tax based on the land value and use of the property

How is property tax calculated?

The property tax is calculated based solely on the land value of the property, without considering any additional structures or improvements made on it

Property tax rates:

Owner-occupiers: $400 + 0.3 per cent of the land value.

Residential investors: $1,500 + 1.1 per cent of the land value.