The NSW Government will begin phasing out stamp duty, allowing first homebuyers to opt-in for a smaller annual property tax as part of a landmark reform. 9News NSWBudget nswpol
The NSW Budget's centerpiece was the scrapping of stamp duty for first homebuyers - a move that will save thousands on upfront costs.For example, a first home buyer purchasing an apartment in Sydney for $830,000 with a land value of $265,000 will have the choice between paying an upfront stamp duty of $32,440 or an initial property tax of $1195.
"The First Home Buyer Choice will remove one of the largest upfront costs to buying a home and help deliver a brighter future for first home buyers," Perrottet said. "It will mean more New South Wales residents will get into their first home at an earlier age and achieve the great Australian dream of home ownership."NSW Premier Dominic Perrottet said he was lowering the barriers to entry for those wishing to enter the property market.
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