First Home Buyer Choice

Now there’s a choice to help unlock your first home.

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If you are an eligible first home buyer in NSW, you now have a choice between paying stamp duty or a smaller annual property tax.

First Home Buyer Choice is making home ownership in NSW easier by providing first home buyers the option between paying a smaller annual property tax, instead of stamp duty.

If you're an eligible first home buyer looking for a property up to $1.5 million, First Home Buyer Choice can lower the upfront costs of your purchase and cut up to 2 years off the time needed to save for a deposit, fast tracking your way to a new home.

Existing stamp duty exemptions and concessions for first home buyers will continue to apply for eligible purchases of up to $800,000.

Use the First Home Buyer Choice calculator to help you compare the estimated property tax and stamp duty.

Purchased your first home after 11 November 2022?

First home buyers who have bought since 11 November 2022 can apply to opt into annual property tax and have their stamp duty payment refunded within 10 business days.

Apply now

Introduction to First Home Buyer Choice

The difference between stamp duty and annual property tax 

Stamp duty

Stamp duty is an upfront payment, paid at the time of buying your home. It is calculated as a percentage of the property’s purchase price or current market value (whichever is higher). Stamp duty rates vary depending on the value of the property.  

Annual Property Tax

Annual property tax payments are based on the land value of the purchased property. The property tax rates for 2022-2023 and 2023-2024 will be: 

  • $400 plus 0.3% of land value for properties whose owners live in them 
  • $1500 plus 1.1% of land value for investment properties. 


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Who's eligible?

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​​​​​​To be an eligible first home buyer in NSW:

  • you must be an individual (not a company or trust)
  • you must be over 18 years old
  • you, or at least one person you’re buying with, must be an Australian citizen or permanent resident
  • you or your spouse must not have previously owned or co-owned residential property in Australia, nor received a First Home Buyer Grant or duty concessions
  • the property you are buying must be worth less than or equal to $1.5 million
  • you must move into the property within 12 months of purchase and live in it continuously for at least 6 months
  • you must sign the contract of purchase on or after 11 November 2022.
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First Home Buyer Choice calculator

Use the First Home Buyer Choice calculator to help you compare the estimated property tax and stamp duty.

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Watch our video

Find out what others think about having a choice to help unlock their first home. 

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First home buyer grants and help 

You may be eligible for a NSW Government grant or assistance to help you get into your own home sooner. 

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Common questions  

Learn more about First Home Buyer Choice.

Learn more about First Home Buyer Choice

Contact us

More information about the First Home Buyer Choice can be obtained from Service NSW on 1300 135 195.


Join one of Revenue NSW’s webinars on the new property tax.


Find out how this can work for you with our everyday scenarios.

Background information

Find out more about the developments to date in property tax reform, including details about public consultation and economic research.

Fact sheet

Download the First Home Buyer Choice fact sheet.

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