The New South Wales (NSW) government will introduce legislation to scrap the First Home Buyer Choice assistance and establish a new stamp duty exemption scheme.
The former Coalition government launched the temporary First Home Buyer Choice program in January to boost homeownership among the state residents.
At the time, the coalition touted the program as a “game-changer” reform, saying it would allow first-home buyers to spend less time saving for a deposit.
Under the scheme, NSW residents purchasing a property of up to $1.5 million (US$1 million) from Nov. 11, 2022, to July 1, 2023, can choose between paying upfront stamp duty, which can reach tens of thousands of dollars, or an annual land tax ($400 plus 0.3 percent of land value)….