First Home Buyer Choice
As part of the 2022-23 Budget, the NSW Government announced that first home buyers purchasing properties up to $1.5 million will be provided the option to pay an annual property tax instead of transfer duty. This initiative is in addition to the existing First Home Owner (New Homes) Grant, and the First Home Buyers Assistance Scheme offering transfer duty exemptions and concessions. For more information go to the NSW government website.
Note: New home changes to this scheme from 1 August 2020 will be updated and ready for calculation from 31st August, 2020.
The first home buyers assistance scheme provides exemptions or concessions on transfer duty for eligible first home buyers in NSW.
The "shared equity arrangements" within the first home buyers assistance scheme allows for eligible first home buyers to purchase property with other parties and still receive a concession.
The agreement of transfer must be for the acquisition of a home or vacant land intended to be used as the site of a new home.
Read more about the First Home Buyers Assistance scheme.
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