A re-elected NSW Liberal and Nationals Government will give first home buyers the opportunity to ditch stamp duty for the rest of their lives, saving them tens of thousands of dollars on each home purchase.<\/p>\n\n\n\n
Under the plan, the Liberal and Nationals popular First Home Buyer Choice program will be expanded so that:<\/p>\n\n\n\n
\u00b7 Home owners who choose to pay a small annual fee on their first home instead of a large upfront stamp duty will be able to opt in to the annual fee on future property purchases, until they choose to pay stamp duty;<\/p>\n\n\n\n
\u00b7 Buyers who purchased a property after 11 November 2022 and received stamp duty exemptions or concessions under the First Home Buyer Assistance Scheme will also have the option to choose a small annual fee instead of stamp duty on future property purchases;<\/p>\n\n\n\n
\u00b7 The $1.5 million price threshold on eligible properties will increase by $50,000 each year starting from 2023-24, widening the range of properties that can be purchased.<\/p>\n\n\n\n
Premier Dominic Perrottet said this was all about giving families more choice throughout their home ownership journey so they can live in the right home at the right time of their life.<\/p>\n\n\n\n
\u201cWe know that stamp duty is a significant barrier to home ownership, particularly for young people and families trying to break into the market for the first time,\u201d Mr Perrottet said.<\/p>\n\n\n\n
\u201cWe\u2019re making it easier for first home buyers, many of whom are families, to reach the dream of home ownership sooner as well as give them more choice into the future.<\/p>\n\n\n\n
\u201cThis expansion gives families more choice when buying their next home, making it easier to upsize, move closer to loved ones, or relocate for a new job or when the kids start school.<\/p>\n\n\n\n
\u201cBacking first home buyers is only possible because of the Liberal and Nationals long-term economic plan to keep our state moving forward.\u201d<\/p>\n\n\n\n
Treasurer Matt Kean said first home buyers had already been flocking to the Liberal and Nationals\u2019 scheme since it opened on January 16.<\/p>\n\n\n\n
\u201cAlmost 1500 first home buyers have opted to ditch stamp duty for a small annual fee despite Labor\u2019s desperate and dishonest scare campaign,\u201d Mr Kean said.<\/p>\n\n\n\n
\u201cIn fact, Chris Minns\u2019 very own constituents have rejected his spin with Bayside LGA having the second highest uptake of First Home Buyer Choice to date.<\/p>\n\n\n\n
\u201cUnder our policy, a family who buys their first home in Western Sydney for $1 million, sells it after five years and buys their second home for $1.5 million could save more than $90,000 over their first decade as home owners.<\/p>\n\n\n\n
\u201cUnder Labor, that same family will have to pay more than $106,000 in stamp duty.<\/p>\n\n\n\n
\u201cLabor\u2019s obsession with scrapping First Home Buyer Choice and forcing young people to pay stamp duty is a threat to thousands of families\u2019 dreams of home ownership.\u201d<\/p>\n\n\n\n
Under the proposed expansion of the First Home Buyer Choice scheme, owners can only hold two properties at any given time. If they buy a third home, they will need to pay stamp duty on the purchase price.<\/p>\n\n\n\n
Since the FHBC program opened, almost 1,500 buyers have opted in, saving a combined $56.2 million in stamp duty.<\/p>\n","protected":false},"excerpt":{"rendered":"
A re-elected NSW Liberal and Nationals Government will give first home buyers the opportunity to ditch stamp duty for the rest of their lives, saving them tens of thousands of dollars on each home purchase. Under the plan, the Liberal and Nationals popular First Home Buyer Choice program will be expanded so that: \u00b7 Home owners … Continue reading “First home buyers to have choice for life”<\/span><\/a><\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[4],"tags":[],"class_list":["post-20362","post","type-post","status-publish","format-standard","hentry","category-nswnews"],"_links":{"self":[{"href":"http:\/\/www.16news.com.au\/index.php\/wp-json\/wp\/v2\/posts\/20362","targetHints":{"allow":["GET"]}}],"collection":[{"href":"http:\/\/www.16news.com.au\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"http:\/\/www.16news.com.au\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"http:\/\/www.16news.com.au\/index.php\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"http:\/\/www.16news.com.au\/index.php\/wp-json\/wp\/v2\/comments?post=20362"}],"version-history":[{"count":1,"href":"http:\/\/www.16news.com.au\/index.php\/wp-json\/wp\/v2\/posts\/20362\/revisions"}],"predecessor-version":[{"id":20363,"href":"http:\/\/www.16news.com.au\/index.php\/wp-json\/wp\/v2\/posts\/20362\/revisions\/20363"}],"wp:attachment":[{"href":"http:\/\/www.16news.com.au\/index.php\/wp-json\/wp\/v2\/media?parent=20362"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"http:\/\/www.16news.com.au\/index.php\/wp-json\/wp\/v2\/categories?post=20362"},{"taxonomy":"post_tag","embeddable":true,"href":"http:\/\/www.16news.com.au\/index.php\/wp-json\/wp\/v2\/tags?post=20362"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}