Written by The NSW Government has recently launched two initiatives to help eligible home buyers, including the ‘First Home Buyer Choice’ and the ‘Shared Equity Home Buyer Helper.’
The First Home Buyer Choice is available for first home buyers who purchase properties up to a value of $1.5 million, or vacant land up to the value of $800,000. Those purchasers are able to choose between paying the usual about of stamp duty and land tax or paying an annual property tax based on the land value only. More information on how to apply is provided on the Revenue NSW website.
Moreover, the Shared Equity Home Buyer Helper is an initiative to help eligible home buyers purchase their own home with only a 2% deposit, and is available in addition to existing grants and concessions for home buyers, such as the First Home Buyer Choice and stamp duty concessions mentioned already. Eligible people include single parents of a dependent child or children, single people 50 years of age or above, or first home buyer key workers (such as nurses, midwives, paramedics, teachers, early childhood educators or police officers). Information about eligibility criteria, FAQ’s and a self-assessment tool are available here.