First home buyers on the Central Coast 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.
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.
Parliamentary Secretary for the Central Coast and Member for Terrigal, Adam Crouch, said the initiative was 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.
“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,” he said.
The majority of eligible first home buyers in the price range of $800,000 to $1.5M 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 $2.8B Housing Package.
It will take effect from January 16 for purchases under $1.5M but any eligible first home buyer who bought from the time the legislation was enacted on November 11, 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.
Source:
Media release, Dec 21
Parliamentary Secretary for the Central Coast, Adam Crouch