The New South Wales government has announced an overhaul of stamp duty in a bid to boost the number of first home buyers in the state.
Under the new First Home Buyers Choice initiative, eligible purchasers can opt in for an annual property tax - a yearly amount of $400, plus an additional 0.3 per cent of the land value. Stream more Australian news with Flash. 25+ news channels in 1 place. New to Flash? Try 1 month free. Offer ends 31 October, 2022
"We want to lower the barriers to owning a home for first home buyers seeking a place of their own," Premier Dominic Perrottet said. "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." The government said it will introduce legislation to establish the property tax in the second half of this year.
"For contracts exchanged in the period between enactment of the legislation and 15 January 2023, eligible first home buyers will be able to opt-in from 16 January 2023 and receive a refund of stamp duty already paid," a statement said.
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