NSW leads the way in Stamp Duty overhaul

First Home Owner News!

NSW First Home Buyers, who are buying a home from January 16, up to a value of $1.5m can choose between paying stamp duty upfront, or an annual land tax.

It allows first home buyers to pay an annual fee equal to $400 plus 0.3 per cent of the land value, instead of an up-front lump sum of stamp duty.

Data compiled by NSW Treasury showed that it would take about 36 years for a buyer of an $800,000 apartment to break even, between paying upfront stamp duty and the annual property fee. This reduces to 28 years for a townhouse costing $1 million and 26 years for a house costing $1.25 million.

Great to see NSW leading the way to make home ownership more accessible

NSW paves way to end stamp duty with new first home buyer choice in critical pre-election win for Dominic Perrottet (afr.com)