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First Home Buyer Choice

ClosedGrant Closes: Ongoing Run By: NSW Government Department of Revenue Further Information: https://www.revenue.nsw.gov.au/grants-schemes/first-home-buyer/first-home-buyer-choice

First Home Buyer Choice now provides first home buyers purchasing properties for up to $1.5 million the ability to choose to pay an annual property tax instead of transfer 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.

A first home buyer purchasing vacant land with a value not exceeding $800,000 on which they intend to build a home will also have the choice of either transfer duty or an annual property tax.

To be eligible:

  • you must be an individual (not a company or trust)*
  • you must be over 18 years old*
  • you, or at least one person you’re buying with, must be an Australian citizen or permanent resident
  • you or your spouse must not have previously:
    • owned or co-owned residential property in Australia
    • received a First Home Buyer Grant or duty concessions.
  • you must sign the agreement for sale or transfer of land on or after the initiative commencement date (see below for details)
  • the agreement for sale or transfer of land must be signed on or after 11 November 2022, or
  • an off the plan purchase contract, must be signed on or after 11 November 2021 and settlement is on or after 11 November 2022.

 

Last Updated: 29th of January 2023
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