The New South Wales (NSW) government has launched an online calculator to allow first home buyers in the Australian state to see how much money they would save by switching to an ongoing land tax instead of the current stamp duty.
This comes as the NSW government is set to introduce legislation to trial the First Home Buyer Choice scheme in January 2023.
The scheme is part of a multi-billion-dollar package to improve housing affordability in the state.
Under the scheme, instead of paying a stamp duty upfront—in the realm of tens of thousands of dollars—when purchasing their first home, NSW residents will be able to pay an annual fee of $400 (US$255) plus 0.3 percent of the land value if the property is their primary residence….