PHOTO: The NSW government has released its draft consultation on its new property plan. (Image: Getty).
First home buyers in NSW would be eligible for $25,000 grants under a new plan to help them get onto the property ladder.
The grants would replace current stamp duty concessions available to first home buyers and would allow buyers to choose whether to pay stamp duty or an annual property tax. That tax would be based on the property use and land value.
NSW Treasurer Dominic Perrottet released the results of the public consultation on the plan on Monday. The plan was first revealed in last year’s state budget in a bid to help
“There is widespread support for the proposition that NSW should move away from the existing property tax system, characterised by the large ‘upfront’ cost of stamp duty, towards an alternative system that makes home ownership more accessible, supports household mobility, and better facilitates economic growth and prosperity,” the progress report released by Perrottet read.
First home buyers currently pay partial stamp duty on homes valued above $650,000 and full stamp duty for those above $800,000.
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