Making home ownership more achievable is one step closer with an online calculator now available to help eligible NSW first home buyers choose between a small annual property payment or paying a bigger upfront stamp duty.

Under First Home Buyer Choice, eligible first home buyers will have the choice of a smaller annual property payment or a traditional upfront payment for properties with a purchase price of up to $1.5 million.

Premier Dominic Perrottet said choice was central to this game-changing reform and will help put keys in the hands of more new home owners sooner by shaving years off the time it takes them to save for a deposit.

“Home ownership is the investment that starts paying dividends from the moment you walk through your front door for the first time and we don’t want people to have to wait an extra couple of years to reap those benefits,” Mr Perrottet said.

“Choice is at the heart of these game-changing reforms that will put keys in the hands of new home owners much sooner and allow young people to capitalise on the financial security that home ownership delivers.”


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Treasurer Matt Kean said the First Home Buyer Choice calculator will help first home buyers decide for themselves which pathway to home ownership best suits their financial circumstances and personal aspirations.

“Treasury analysis indicates half of all owner-occupiers sell their home within 10.5 years, with first home buyers likely to sell even sooner. That means for the majority of first home buyers that don’t already receive stamp duty assistance, First Home Buyer Choice will not only allow them to break into the property market earlier, but pay less overall,” Mr Kean said.

“First Home Buyer Choice will help young families take their goals of home-ownership into their own hands and fast-track their journey to the great Australian dream.”

Finance Minister Damien Tudehope said the calculator was an important tool that would make it easy for first home buyers to make the decision that was right for them.

“When you own your own home, you own a stake in our nation, and the First Home Buyer Choice will help more young people across NSW do exactly that,” Mr Tudehope said.

“The calculator is easy to use and will find the land value of eligible properties under $1.5 million to calculate the options.”

Legislation for the First Home Buyer Choice, which was announced in the 2022-23 NSW Budget as part of the Government’s integrated $2.8 billion housing package, will soon be introduced into Parliament.