First Home Buyer Choice stamp duty changes have came into effect (settlement occurs on or after 16 January 2023).
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.
How to account for this change in Salestrekker?
Brokers should be advised that below steps should be followed in the event that clients decides to proceed with the annual land tax instead of the upfront stamp duty.
Under Expenses section, account for the annual stamp duty/land tax expense. The comments field should detail exact expense breakdown.
Under Funding worksheet section, edit stamp duty and remove the cost if the client is opting to pay land tax instead of the usual upfront stamp duty.
