First Home Buyers to be Better Informed by Advanced Calculator
First home buyers will have more support when making their own choice between upfront stamp duty or a small annual fee, thanks to the new advanced First Home Buyer Choice calculator.
First home buyers will be able to input the number of years they expect to own the property and the calculator will provide an estimate of the total amount they can expect to pay over that period in present value dollars.
Member for Ku-ring-gai Alister Henskens SC welcomed the announcement of the calculator.
“The NSW Government is all about giving people choice and helping families get the keys to their own home sooner by removing upfront costs and saving them money in the long-run,” Mr Henskens said.
“This new calculator will help people make an informed choice that best suits their circumstances by showing them the overall cost of paying an annual fee in today’s dollars compared to what you would pay in stamp duty.”
The majority of eligible first home buyers in the price range of $800,000 to $1.5 million are expected to choose the annual property fee over upfront stamp duty. NSW Treasury analysis shows that two-thirds of owner-occupiers sell within 20 years.
First Home Buyer Choice is part of the NSW Government’s $2.8 billion Housing Package. It will take effect from January 16 for purchases under $1.5 million but any eligible first home buyer who bought from the time the legislation was enacted on 11 November, 2022 can opt in to the annual fee and receive a refund of stamp duty paid.
To view the advanced calculator, go to https://www.service.nsw.gov.au/transaction/calculate-your-property-tax
For more information on the First Home Buyer Choice, go to https://www.nsw.gov.au/initiative/first-home-buyer-choice