Aspiring home buyers cannot afford the entry fee, so I see no prospect of them meeting mortgage payments when rates go even 2% higher.

These schemes are an age old scheme to prop the construction industry at the cost to the taxpayers.

Homes purchased with deferred stamp duty will be orphans in any distress sale environment.

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For how many years? do the first home buyers have to pay the land tax? is it going to be for every?

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Hi Rizwan,

It's an annual fee, meaning it will need to be paid every year.

- Money team

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Hi Tom, wanted to purchase the property in couple months so for that would i be able to eligible for that scheme. (July 22 TO Aug 22)

And on website they have mentioned; ((Eligible first home buyers who sign a contract of purchase between the passage of the legislation and 15 January 2023 will be eligible to opt into the property tax.)). So what dose it meant by (passage of the legislation)?

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Hi Akshu,

Unfortunately, there doesn't seem to be a concrete date set for the First Home Buyer Choice scheme legislation to be introduced by the government beyond, "...sometime during the second half of 2022". So, while it's possible that the government might introduce it during the July - August period you mentioned, there's no guarantee. And it could turn out to be later in the year.

As for your second question, the NSW government will need to establish the new property tax as law before it can come into effect. And to do that, it needs to pass through parliament.

Hope that helps and all the best with your property search.

- Tom

Money team

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