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Michael Nasser, Senior Mortgage Broker at Lendstreet gives us his views on the First Home Buyer Choice

Stamp Duty or Land Tax: The big question for first-home buyers in NSW

Episode 19November 29, 2022

The New South Wales government has recently introduced a new initiative called First Home Buyer Choice, which means that first-home buyers will have the opportunity to pay a property tax on their land’s value, as opposed to a large upfront stamp duty.

In today’s episode, Michael breaks down the latest changes for first-home buyers in NSW, with the First Home Buyer Choice legislation that has come into effect on the 11th of November, 2022. He also answers some important questions about what this new change means, and poses some scenarios to help you determine if you’re eligible, and what your home-buying process might now look like.

The New South Wales government has recently introduced a new initiative called First Home Buyer Choice, which means that first-home buyers will have the opportunity to pay a property tax on their land’s value, as opposed to a large upfront stamp duty.

In today’s episode, Michael breaks down the latest changes for first-home buyers in NSW, with the First Home Buyer Choice legislation that has come into effect on the 11th of November, 2022. He also answers some important questions about what this new change means, and poses some scenarios to help you determine if you’re eligible, and what your home-buying process might now look like.

Episode Outline

00:00Disclaimer 00:16Introduction 04:30The Difference Between Stamp Duty and the First Home Buyer Choice 06:08The Benefits of Paying an Annual Tax 07:05Eligibility to the First Home Buyer Choice 09:08What is the First Home Buyer Choice? 09:30When will the First Home Buyer Choice come into effect? 11:23Which option is right for you: Stamp Duty or the First Home Buyer Choice? 13:20When is property tax payable? 14:20Can you switch back to paying stamp duty after deciding to pay property tax? 15:24Sample scenario #1 17:14Sample scenario #2 19:32Sample scenario #3 21:50First Home Buyer Tips and Advice

Show notes

The New South Wales government has recently introduced a new initiative called First Home Buyer Choice, which means that first-home buyers will have the opportunity to pay a property tax on their land’s value, as opposed to a large upfront stamp duty. 

In today’s episode, Michael breaks down the latest changes for first-home buyers in NSW, with the First Home Buyer Choice legislation that has come into effect on the 11th of November, 2022. He also answers some important questions about what this new change means, and poses some scenarios to help you determine if you’re eligible, and what your home-buying process might now look like.

Resources

Get in touch with Michael Nasser

Senior Mortgage Broker of Lendstreet
Website: www.lendstreet.com.au
Email: support@lendstreet.com.au
Phone: 1300 317 042

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Stamp Duty or Land Tax: The big question for first-home buyers in NSW
Episode 19