NSW First Home Buyer Choice

Are you a first home buyer who signed a contract to purchase a property on or after 11 November 2022 – you have the choice of paying outright transfer duty or to pay an annual property tax which from 2022 to 2024 is calculated at $400 plus 0.3 per cent of the land value.

Eligibility criteria:

• An individual – not company or trust.

• Over 18 years old.

• At least one buyer is an Australian citizen or permanent resident.

• You or your spouse must not have previously owned or a co-owner of a residential property or received a First Home Buyer Grant or duty concession.

• Purchasing a new or existing home with a value not exceeding $1.5 million or a vacant land not exceeding $800,000.

• Move to property within 12 months of purchase and live in for a continuous period of 6 months either the first 6 months or the last 6 months.

Our firm will assist our clients with the requirements and stamping ones a decision is made by the buyer. If the buyer opted for an annual property tax, settlement will proceed without the buyer having to pay upfront transfer duty. The NSW Revenue will communicate with the buyer after settlement.