First Home Buyers Amendments from 1 July 2023

First Home Buyer Choice (Annual Property Tax)

First Home Buyer Choice has been beneficial to some first home buyers enabling them to save for a deposit without the worry of having to pay upfront transfer duty.

Currently, the Annual Property Tax allows First Home Buyers to purchase residential property up to $1.5 million and residential vacant land up to $800,000.00.

First home buyers who exchange contracts on or before 30 June 2023 will have until settlement to opt in to First Home Buyer Choice.

From 1 July 2023, First Home Buyer Choice will no longer be available and those who have already opted into First Home Buyer Choice will not be affected.

For further information, refer to www.revenue.nsw.gov.au/grants-schemes/first-home-buyer/first-home-buyer-choice

First Home Buyers Assistance Scheme (Transfer Duty)

From 1 July 2023, the First Home Buyers Assistance Scheme will increase the exemption amount for homes from $650,000.00 to $800,000.00 with the concessional rate increased from $800,000.00 to $1 Million.

This means from 1 July 2023, if you are an eligible first home buyer and you pay up to $800,000.00, you will receive a full exemption from stamp duty. If you pay between $800,000.00 to $1 Million you will receive a concessional amount of stamp duty.

For further information, refer to www.revenue.nsw.gov.au/grants-schemes/first-home-buyer/assistance-scheme

Article produced by Gayna Borg