NSW First Home Buyers Assistance Scheme: Stamp Duty Exemptions Explained
The old “First Home Buyer Choice” annual property tax was scrapped in 2023. Here’s the scheme that replaced it, and how much stamp duty you’ll actually pay as a first home buyer in NSW.
If you’ve found this page searching for the “First Home Buyer Choice” scheme, here’s the update: it no longer exists. It was repealed in 2023 and replaced with expanded stamp duty exemptions and concessions under the First Home Buyers Assistance scheme. Here’s what actually applies to you now.
At a glance
- New and existing homes up to $800,000 pay no stamp duty at all.
- Homes between $800,000 and $1,000,000 get a concessional (reduced) rate.
- There’s no annual property tax option anymore, it’s a one-off duty exemption or concession only.
“First home buyers can choose to pay an annual property tax instead of stamp duty.”
That option (First Home Buyer Choice) was repealed from 1 July 2023. First home buyers now get a straightforward stamp duty exemption or concession instead, with no ongoing annual tax.
What happened to the First Home Buyer Choice scheme?
First Home Buyer Choice launched in January 2023, giving eligible buyers the option to pay an annual property tax instead of upfront stamp duty. It was short-lived: the incoming NSW Government repealed it from 1 July 2023, and it’s no longer available to buyers signing contracts after that date. If you already opted into the property tax before it was repealed, your arrangement continues under transitional rules, but no new buyers can choose it.
What replaced it?
The First Home Buyers Assistance scheme, administered by Revenue NSW. Instead of a choice between duty and an ongoing tax, eligible first home buyers simply get a full exemption or a reduced rate of stamp duty (transfer duty) on their purchase, as a one-off, at settlement.
Current thresholds
| New or existing home, full exemption | Up to $800,000 |
| New or existing home, concessional rate | $800,000 – $1,000,000 |
| Vacant land, full exemption | Up to $350,000 |
| Vacant land, concessional rate | $350,000 – $450,000 |
Above these thresholds, standard stamp duty applies with no first home buyer discount. Thresholds are set by Revenue NSW and can change, so we’ll always confirm the current figures for your specific purchase.
Who’s eligible for the First Home Buyers Assistance scheme?
- You’re an individual buying the property, not a company or trust.
- You (or at least one person buying with you) are an Australian citizen or permanent resident, and over 18.
- You and everyone buying with you have never owned or co-owned residential property in Australia, and never previously used the scheme.
- For a home (not vacant land), you move in and live there as your main residence for at least 12 continuous months, starting within 12 months of settlement.
There’s no application form to fill in separately. Your conveyancer claims the exemption or concession for you as part of settlement.
We check your eligibility
- Early in your matter, we confirm you meet the citizenship, prior-ownership and price-threshold requirements.
We lodge the exemption with your transfer
- The exemption or concession is claimed through Revenue NSW’s online duties system when your contract is assessed for duty, which happens before settlement.
You move in on time
- To keep the exemption, you need to move in within 12 months of settlement and live there for at least 12 continuous months.
What if my property is over the threshold?
If a home is priced above $1,000,000 (or vacant land above $450,000), no first home buyer discount applies and you’ll pay standard stamp duty. It’s worth checking whether any other exemptions or concessions apply to your situation, and weighing that against your budget before you make an offer. See our guide on when stamp duty is actually paid for how the timing works.
In plain English
You either pay no stamp duty, a reduced amount, or the full amount, decided once at settlement based on the purchase price. There’s no ongoing annual tax to think about.
We check your eligibility and lodge the exemption for you, so nothing is missed at settlement.
Buying your first home?
Get an instant quote and we’ll confirm exactly what stamp duty exemption applies to your purchase.
Source: Revenue NSW, First Home Buyers Assistance scheme. Thresholds current as at September 2026, always confirm with Revenue NSW or your conveyancer before relying on them.
