Revealed: How much it will cost to avoid paying stamp duty on your first home purchase | AlexSmithSMH
will give NSW first home buyers the option of paying an annual tax rather than stamp duty on properties worth up to $1.5 million.New details to be unveiled on Tuesday show first home buyers who opt into the property tax will pay the annual levy of $400 plus 0.3 per cent of the land value of the property under the new First Home Buyer Choice scheme. The property will not be locked into the tax scheme once it is sold.
First home buyers will continue to be eligible to apply for full stamp duty exemption for properties up to $650,000 and concessions will remain in place for properties between $650,000 and $800,000. As part of a broader housing policy, the government will also trial a shared equity scheme for first home buyers to help nurses, teachers, and police officers enter the housing market.
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