First Home Buyer Choice Calculator

The NSW Government recently announced that first home buyers purchasing properties for up to $1.5 million will be able to choose between paying an annual property tax or stamp duty. The property tax will only be payable by first home buyers who choose it, and will not apply to subsequent purchasers of a property.

This initiative will lower the up-front costs of home purchases and help to boost the rate of home ownership in NSW. With rising home prices, home ownership has declined from around 70 per cent in the 1990s to around 64 per cent today. The decline in home ownership has been particularly evident among younger and lower income groups.

Now the Government has created a First Home Buyer Choice Calculator to help check your eligibility. You’ll receive the comparison of the estimated property tax (for the first year) and transfer (stamp) duty.

To use the First Home Buyer Choice Calculator, you’ll need:

• the property purchase price (or your estimate of the price)
• the address of the property (used to determine the land value)
• the intended property usage (owner-occupied or investment), and
• the type of property (property with a dwelling).

You can access the Calculator here: https://www.nsw.gov.au/initiative/first-home-buyer-choice

• Topics:

• My House My Home
• Finance