Important Information For First Home Buyers
This is your chance to get into the property market with no stamp duty
For contracts entered from 16 January 2023, purchasers can opt-in to pay the annual property tax directly and will not have to pay duty.
How much is the First Home Buyer Choice Grant?
The Government is providing first home buyers purchasing a new or existing home for up to $1.5 million the choice to either pay the existing upfront stamp duty or an annual property tax. A first home buyer purchasing vacant land on which they intend to build a home for up to $800,000 will also have the choice of either stamp duty or an annual property tax.
First home buyers will continue to be eligible for first home buyer stamp duty exemptions and concessions. Because first home buyers purchasing a new or existing home for up to $650,000 are exempt from stamp duty, they are not expected to choose the property tax.
What does this mean for me?
Annual property tax rates for owner-occupiers will be $400 plus 0.3 per cent of the property’s land value.
Removing the obligation to pay stamp duty will mean first-home buyers who opt in to the new property tax won’t have to save as much money to pay upfront costs before buying a home.