First home buyers will be able to choose between an upfront stamp duty or a smaller annual property tax under reforms designed to make homeownership achievable for more NSW residents.
The First Home Buyer Choice will be available for properties up to $1.5 million.
Under the new initiative, first home buyers who opt into the property tax will pay an annual property tax of $400 plus 0.3 per cent of the land value of the property.
First home buyers will continue to be eligible to apply for full stamp duty exemption for properties up to $650,000. Stamp duty concessions remain in place for properties between $650,000 and $800,000.
The First Home Buyer Choice will be available from January 2023.
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