The NSW Government has introduced a package to help first home buyers enter the market. However, to offset the concessions made to first home buyers, the package also raises the fees faced by foreign investors. For foreign investors stamp duty will increase from 4 to 8%, and annual land tax will increase from 0.75 to 2%. Additionally, any investors purchasing property off the plan will no longer be entitled to defer stamp duty for 12 months. These changes will be effective July 1 2017.