{"id":9012,"date":"2023-01-13T12:42:14","date_gmt":"2023-01-13T01:42:14","guid":{"rendered":"https:\/\/landandleaseglenfield.com.au\/?p=9012"},"modified":"2023-01-13T12:42:15","modified_gmt":"2023-01-13T01:42:15","slug":"landmark-first-home-buyer-reform-now-up-and-running","status":"publish","type":"post","link":"https:\/\/landandleaseglenfield.com.au\/?p=9012","title":{"rendered":"Landmark first home buyer reform now up and running"},"content":{"rendered":"\n<p>Thousands of first home buyers can now fast track their home ownership dreams after the Perrottet Government\u2019s landmark legislation received royal assent.<\/p>\n\n\n\n<p>Premier Dominic Perrottet said in a national first, buyers will now be able to choose between paying a smaller annual property tax or an upfront stamp duty on their first home.<\/p>\n\n\n\n<p>\u201cFirst home hopefuls will now be able to attend auctions and inspections this weekend across NSW knowing that the First Home Buyer Choice is on the table,\u201d Mr Perrottet said.<\/p>\n\n\n\n<p>\u201cAs prospective buyers inspect homes this weekend, they can now choose to opt into the First Home Buyer Choice and receive a refund in January on the upfront stamp duty they pay for homes valued up to $1.5 million.<\/p>\n\n\n\n<p>\u201cFrom January 16, first home buyers who opt into the annual payment won\u2019t have to pay any stamp duty at all.\u201d<\/p>\n\n\n\n<p>Treasurer Matt Kean said the new program signed into law today would help thousands of young people and families shave about two years off the time needed to save for a deposit.<\/p>\n\n\n\n<p>\u201cYoung families can save thousands in the long run by opting for the annual payment, with Treasury estimating about two-thirds will choose this because of the financial benefit,\u201d Mr Kean said.<\/p>\n\n\n\n<p>\u201cThere\u2019s no limit on the number of eligible first home buyers who can apply for the First Home Buyer Choice.\u201d<\/p>\n\n\n\n<p>First Home Buyer Choice details<\/p>\n\n\n\n<ul class=\"wp-block-list\"><li>Eligible first home buyers who sign a contract of purchase on or after 16 January 2023 will not have to pay stamp duty, provided they choose to pay the property tax before their purchase settles.<\/li><li>Eligible first home buyers who sign a contract of purchase between 11 November 2022 and 15 January 2023 will also be able to choose the property tax:<ul><li>For this group, applications to choose the property tax can be made at any time between 16 January 2023 and 30 June 2023.<\/li><li>If settlement occurs on or before 15 January 2023, they will need to pay stamp duty, and then will be able to apply for a refund of the stamp duty from 16 January 2023.<\/li><li>If settlement occurs on or after 16 January 2023, and they have chosen property tax, they will not need to pay stamp duty.<\/li><\/ul><\/li><li>These transitionary arrangements are necessary as time is needed to allow industry participants to update their electronic conveyancing systems to facilitate first home buyers opting into the new system.<\/li><\/ul>\n\n\n\n<p>First Home Buyer Choice will be available for dwellings costing up to $1.5 million. For the purchase of vacant land intended for the construction of a first home, the price cap will be up to $800,000.<\/p>\n\n\n\n<p>The NSW Government has estimated First Home Buyer Choice will cost $728.6 million over the next four years.<\/p>\n\n\n\n<p>NSW Treasury analysis shows the breakeven period between upfront stamp duty and an annual property tax would be 36 years for an $800,000 apartment, 28 years for a $1 million townhouse, and 26 years for a $1.25 million house.<\/p>\n\n\n\n<p>The same analysis shows that if a first home buyer purchased a $1 million house and sold it 10 years later, which is around the median holding period, the annual property payments over the 10 years would total $19,881 in present value terms compared with $40,090 in upfront stamp duty &#8211; a saving of $20,209.<\/p>\n\n\n\n<p>The First Home Buyer Choice is a key component of the Government\u2019s&nbsp;<a href=\"https:\/\/www.planning.nsw.gov.au\/Policy-and-Legislation\/Housing\/Housing-Package\" target=\"_blank\" rel=\"noreferrer noopener\">$2.8 billion Housing Packagelaunch<\/a>&nbsp;announced at the 2022-23 NSW Budget that aligns with the&nbsp;<a href=\"https:\/\/www.planning.nsw.gov.au\/Policy-and-Legislation\/Housing\/A-Housing-Strategy-for-NSW\" target=\"_blank\" rel=\"noreferrer noopener\"><em>Housing 2041<\/em>launch<\/a>&nbsp;vision.<\/p>\n\n\n\n<p>Read more information on the&nbsp;<a href=\"https:\/\/www.nsw.gov.au\/initiative\/first-home-buyer-choice\" target=\"_blank\" rel=\"noreferrer noopener\">First Home Buyer Choice<\/a>.&nbsp;<\/p>\n\n\n\n<p>Eligible first home buyers can&nbsp;<a href=\"https:\/\/www.service.nsw.gov.au\/get-notified-about-first-home-buyer-choice\" target=\"_blank\" rel=\"noreferrer noopener\">register their interestlaunch<\/a>.Credit and Source :&nbsp;<a href=\"https:\/\/www.nsw.gov.au\/media-releases\/first-home-buyer-reform\" target=\"_blank\" rel=\"noreferrer noopener\">https:\/\/www.nsw.gov.au\/media-releases\/first-home-buyer-reform<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Thousands of first home buyers can now fast track their home ownership dreams after the Perrottet Government\u2019s landmark legislation received royal assent. Premier Dominic Perrottet said in a national first, buyers will now be able to choose between paying a smaller annual property tax or an upfront stamp duty on their first home. \u201cFirst home&#8230;<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[144,123],"tags":[],"class_list":["post-9012","post","type-post","status-publish","format-standard","hentry","category-first-home-buyer-benefits","category-news"],"_links":{"self":[{"href":"https:\/\/landandleaseglenfield.com.au\/index.php?rest_route=\/wp\/v2\/posts\/9012","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/landandleaseglenfield.com.au\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/landandleaseglenfield.com.au\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/landandleaseglenfield.com.au\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/landandleaseglenfield.com.au\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=9012"}],"version-history":[{"count":1,"href":"https:\/\/landandleaseglenfield.com.au\/index.php?rest_route=\/wp\/v2\/posts\/9012\/revisions"}],"predecessor-version":[{"id":9013,"href":"https:\/\/landandleaseglenfield.com.au\/index.php?rest_route=\/wp\/v2\/posts\/9012\/revisions\/9013"}],"wp:attachment":[{"href":"https:\/\/landandleaseglenfield.com.au\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=9012"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/landandleaseglenfield.com.au\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=9012"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/landandleaseglenfield.com.au\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=9012"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}