The great Australian dream of home ownership just got easier for young families with the NSW Government passing its First Home Buyer Choice Scheme. The scheme, which aims to reduce the cost of entering the property market by removing stamp duty, lets those buying their first property opt out of paying stamp duty upfront in exchange for a smaller annual tax. That means first-home buyers are now able to choose between a lump-sum stamp duty payment, or an annual property tax of $400 plus 0.3 percent of their property’s land value. The scheme is applicable to people purchasing land that has a value of less than $800,000 of which they intend to build a home on. 

How do you know if you are eligible? 

If you’re buying your first block of land and you’re over 18 – you’re eligible. However, the land needs to be $800,000 or less; you must be an Australian citizen or permanent resident, and you have to move into the house once built within the first year and live in it for at least six months.

What if you already applied for stamp duty exemption?

Currently, if you buy a home for less than $650,000 you can apply for a full stamp duty exemption. This remains the same.

To find out more and check your eligibility visit: NSW Government website here.

Menangle Park New Land Release 

Menangle Park has a range of lots as part of its new release which are priced under $800,000 and are perfectly suited to first-home buyers.

Interested in land for sale in Menangle Park? Register your details via the website today or contact our friendly sales team on 1300 001 158 to find out more.